Stephens analyst Matthew Marietta lowered his price target for Oceaneering to $30 from $36 based on the ongoing deterioration in offshore activity and expectations for a later offshore market recovery and lower trough, weighing on utilization and pricing. However, the analyst reiterates an Overweight rating on the shares and maintains his constructive long-term thesis as Oceaneering has again proven its ability to generate cash flow while gaining/protecting market share across its diverse portfolio.

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."