JPMorgan analyst Sean Meakim added Oceaneering (OII) to his firm's Focus List as a short idea while removing short idea Helmerich & Payne (HP). The analyst keeps Underweight ratings on both stocks. Meakim sees more near term catalysts for Oceaneering in the form of negative earnings revisions. Long-term expectations for Helmerich need to moderate, but a potential dividend cut is more a 2019 event, the analyst tells investors in a research note.

The company states: "On a consolidated basis, second quarter 2024 operating results are expected to improve, with EBITDA in the range of $80 million to $90 million on a mid-teens percentage increase in revenue."

Reports Q1 revenue $599.1M, consensus $587.4M. Roderick A. Larson, CEO, stated, "We are encouraged by our first quarter 2024 results. Our adjusted EBITDA was higher than guided, on better-than-expected activity levels across our businesses. Compared to the same quarter last year, our consolidated first quarter 2024 operating income was 37% higher on a 12% increase in revenue, with higher revenue in all of our business segments and improved operating income in each segment except for our Offshore Projects Group (OPG). These results, when combined with our backlog and current levels of bidding activity, support our unchanged guidance for the year."