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Oceaneering International (NYSE:OII) stock soared to a 52-week high, reaching a price level of $30.65, signaling a robust period for the $3.09 billion market cap company. With a beta of 2.36, the stock has shown significant volatility, as highlighted by InvestingPro analysis. This peak comes as a testament to the company's significant growth over the past year, with a remarkable 1-year change of 48.14% and an even more impressive YTD return of 40.88%. Investors have shown increased confidence in Oceaneering's market position and future prospects, as reflected in the stock's impressive ascent to this new high. The achievement of this 52-week high marks a notable milestone for Oceaneering International, which maintains a GOOD financial health score according to InvestingPro analysis, as it continues to navigate the dynamic energy sector landscape. Discover 12 additional key insights about OII through the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Oceaneering International, Inc. reported noteworthy developments. The company announced a net income of $41.2 million, or $0.40 per share, on revenues of $680 million for the third quarter of 2024. Furthermore, the company's free cash flow significantly increased, reaching $67 million, and the adjusted EBITDA for the same period reached $98.1 million, with full-year projections ranging from $340 million to $350 million.
Oceaneering also made strategic moves to expand its digital capabilities, including the acquisition of Global Design Innovation Ltd. (GDi), a UK-based digital and software services company. GDi's Vision software is expected to enhance safety, data quality, and cost efficiency for Oceaneering's customers worldwide.
The appointment of Benjamin M. Laura as the new Senior Vice President and Chief Operating Officer, effective January 1, 2025, is another recent development. Laura, previously the Senior Vice President and Chief Innovation Officer at Oceaneering, brings extensive operational experience to his new role.
Additionally, Oceaneering secured a multimillion-dollar contract from the U.S. Department of Defense for autonomous underwater vehicles. However, the company's Offshore Projects Group experienced declines due to a shift towards lower-margin services. For the fourth quarter of 2024, Oceaneering projects rising revenue and stable adjusted EBITDA, with EBITDA guidance for 2025 set between $400 million and $430 million. These are the latest updates from Oceaneering International, Inc.
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