Oil States switches to Deloitte as new auditor

HOUSTON, TX – Oil States International, Inc. (NYSE: NYSE:OIS), a provider of products and services to the energy, industrial, and military sectors, announced a change in its independent registered public accounting firm. The company, currently trading at $4.99 per share and maintaining a strong liquidity position with a current ratio of 3.16, announced the change amid its ongoing operational developments. According to InvestingPro analysis, the company maintains a FAIR financial health score, operating with a moderate level of debt. The company’s Audit Committee has appointed Deloitte & Touche LLP ("Deloitte") to serve as its new auditor for the fiscal year ending December 31, 2025, and related interim periods.

The decision, effective as of February 27, 2025, comes after the dismissal of the previous auditor, Ernst & Young LLP ("EY"), with whom the company reports no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the two most recent fiscal years or the subsequent interim period through February 27, 2025.

The audit reports for the fiscal years ended December 31, 2024, and December 31, 2023, provided by EY, did not contain any adverse opinion or disclaimer and were not qualified or modified regarding uncertainty, audit scope, or accounting principles.

Oil States has provided EY with a copy of this announcement prior to filing with the Securities and Exchange Commission (SEC) and has included EY’s letter dated March 4, 2025, as Exhibit 16.1 in the Current Report on Form 8-K, confirming their agreement with the statements made.

During the most recent fiscal years and the subsequent interim period until February 27, 2025, Oil States and its representatives did not consult Deloitte on any accounting principles or transactions that would influence their decision-making process.

Oil States International, Inc., headquartered in Houston, Texas, is publicly traded on the New York Stock Exchange under the symbol "OIS". The company specializes in highly engineered capital equipment and consumable products, operating manufacturing and service facilities globally. While currently showing a negative earnings trend, InvestingPro data indicates that analysts expect profitability to improve, with 2 analysts recently revising their earnings expectations upward for the upcoming period. The company’s stock currently trades below its InvestingPro Fair Value, suggesting potential upside opportunity. For deeper insights into OIS’s valuation and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

This report is based on a press release statement and has been filed with the SEC. The company’s next earnings announcement is scheduled for April 24, 2025, where investors will be able to assess the impact of these organizational changes and financial performance.

In other recent news, Oil States International reported its fourth-quarter 2024 earnings, revealing a mixed performance. The company exceeded earnings per share (EPS) expectations, posting $0.09 compared to the anticipated $0.075, but fell short on revenue forecasts with $164.6 million against the expected $182.13 million. Despite the revenue miss, Oil States International experienced significant growth in offshore and international revenues, which constituted 72% of its total revenue. Looking ahead, the company provided an optimistic revenue guidance for 2025, projecting between $700 million and $735 million, with expected EBITDA growth ranging from $88 million to $93 million.

Stifel analysts maintained a Buy rating on Oil States International, with a price target of $9.00, noting the company’s resilience in overcoming recent operational challenges. The company’s strategic focus on high-end technologies and offshore markets aligns with its plans for continued share buybacks and strong free cash flow generation. Stifel’s analysis suggests that Oil States International is undervalued, trading at under four times its projected 2025 and 2026 EBITDA. The firm’s confidence in Oil States International is reflected in the affirmation of the price target, highlighting potential upside for investors based on earnings multiples forecasts.

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