Oceaneering International, Inc. (OII) Stock Price & How to Invest

Oceaneering International is a Houston-based technology and engineering company that serves the offshore energy industry and, increasingly, aerospace and defense customers. It operates through five segments: Subsea Robotics (its largest, built around the world's most widely used fleet of remotely operated vehicles, or ROVs, plus tooling and survey services), Manufactured Products (subsea umbilicals, field-development hardware, connection and repair systems, and industrial mobile robotics), Offshore Projects Group (installation, intervention, and inspection services), Integrity Management and Digital Solutions (asset integrity and software), and Aerospace and Defense Technologies (engineering and manufacturing for government customers). Revenue is generated primarily from day rates on ROV and vessel work, project execution, and product backlog conversion, with results driven by offshore drilling and production activity worldwide.

The investment picture centers on the offshore energy upcycle. After a long downturn following the 2014 oil-price crash, deepwater development spending has recovered, lifting ROV demand, day rates, and Manufactured Products backlog. In the first quarter of 2026 Oceaneering posted revenue of roughly $692 million, up about 3% year over year, while diluted EPS slipped to $0.36 from $0.49 as ROV fleet utilization eased and margins normalized. Management maintained full-year 2026 guidance of roughly $390 million to $440 million in consolidated EBITDA and $100 million to $120 million in free cash flow. The company carries a cleaner balance sheet than in prior cycles, with cash of nearly $689 million, and the diversification into aerospace and defense provides a counter-cyclical revenue stream distinct from oil and gas.

Oceaneering's results are closely tied to offshore oil and gas capital spending, so a sustained drop in crude prices or a pullback in deepwater sanctioning could quickly reduce ROV utilization and project activity. ROV fleet utilization already softened in early 2026, and operating profit and net income declined year over year even as revenue rose, showing how margin-sensitive the business is. The company competes against larger integrated subsea players and faces project-execution, contract-timing, and international-operations risks. Currency swings, cost inflation, and the lumpiness of large project awards add quarter-to-quarter volatility, and the aerospace and defense unit, while diversifying, remains a minority of total revenue.

4 analysts publish price targets on OII, averaging $40.25 against a $48.78 price as of August 2026, or -17.5%. The published targets run from $36.00 to $47.00, a narrow spread, and the ratings split 0 buy, 3 hold, 1 sell. Over the last six months there have been 5 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full OII forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Oceaneering International, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Offshore Energy Capital-Spending Cycle. Oceaneering's core Subsea Robotics and Offshore Projects work is levered to global offshore and deepwater development spending, which has been recovering across the Gulf of Mexico, Brazil, West Africa, and the North Sea. The most optimistic published target, $47.00, assumes this works close to its best case.

The case against. Oceaneering's results are closely tied to offshore oil and gas capital spending, so a sustained drop in crude prices or a pullback in deepwater sanctioning could quickly reduce ROV utilization and project activity. The most pessimistic target, $36.00, is roughly what OII is worth if this bites instead.

Read the full bull and bear case on OII, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Oceaneering International, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$2.8 billion
• Revenue (Q1 2026): ~$692 million (up ~3% year over year)
• Diluted EPS (Q1 2026): ~$0.36 (down from ~$0.49)
• 2026 EBITDA Guidance: ~$390 million to $440 million
• 2026 Free Cash Flow Guidance: ~$100 million to $120 million
• Trailing P/E Ratio: ~11x to 12x
• EV/EBITDA: ~7x to 8x
• Market Capitalization: ~$2.7 billion

Oceaneering trades at roughly a low-teens trailing P/E and an EV/EBITDA in the high single digits, below the average of its subsea-services peer group, reflecting the market's caution about the durability of the offshore cycle. Full-year 2026 net income is broadly expected in the range of roughly $178 million to $203 million, and the company holds close to $689 million of cash, a much stronger balance sheet than in prior downturns. The valuation prices in cyclical exposure rather than secular growth, so the multiple can compress or expand quickly with oil prices and ROV utilization.

If you want OII exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

Other names that sit close to OII: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get OII exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (ROBT, ROKT), which spreads the position across many companies. Or build it into a focused thematic portfolio, so OII sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where OII fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

OII is an offshore-energy and subsea-robotics services company riding a recovering deepwater capital cycle, trading around a low-teens earnings multiple, with fortunes tightly linked to ROV utilization, offshore project spending, and its diversifying aerospace and defense work.

Whether OII is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is OII a buy or a sell?, and where the stock could go from here in the OII stock forecast.

For income investors, whether OII pays a dividend and how the payout looks is covered in does OII pay a dividend? And to weigh OII against a peer, read the full side-by-side comparisons: OII vs BKR and OII vs HAL.