Oil States International (NYSE:OIS) Shares Gap Up Following Earnings Beat

Key Points

• Oil States International beat quarterly expectations: EPS came in at $0.15 versus the $0.12 analyst consensus, while revenue of $169.76 million exceeded estimates of $162.62 million and increased 2.8% year over year.
• The earnings beat pushed shares up 3.3%, with the stock opening at $9.60 after previously closing at $9.08. Shares were last trading at $9.45.
• Analyst sentiment remains mixed, resulting in a consensus “Hold” rating and an average price target of $11.67; institutional investors own 97.44% of the company’s stock.

Oil States International, Inc. (NYSE:OIS - Get Free Report)'s stock price gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $9.08, but opened at $9.60. Oil States International shares last traded at $9.45, with a volume of 85,924 shares.

The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.03. Oil States International had a negative net margin of 16.78% and a positive return on equity of 4.28%. The business had revenue of $169.76 million for the quarter, compared to analyst estimates of $162.62 million. During the same period in the previous year, the business posted $0.08 earnings per share. The business's revenue was up 2.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

OIS has been the subject of a number of recent research reports. Raymond James Financial lowered their price objective on shares of Oil States International from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Friday, July 10th. Susquehanna raised their target price on shares of Oil States International from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Monday, October 5th. Weiss Ratings raised Oil States International from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, October 8th. Finally, Stifel Nicolaus decreased their price target on Oil States International from $15.00 to $14.00 and set a "buy" rating for the company in a research report on Friday, July 31st. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $11.67.

Institutional Investors Weigh In On Oil States International

A number of institutional investors have recently made changes to their positions in OIS. Squarepoint Ops LLC increased its holdings in Oil States International by 1,228.6% during the 2nd quarter. Squarepoint Ops LLC now owns 399,706 shares of the oil and gas company's stock worth $3,202,000 after purchasing an additional 369,621 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Oil States International during the second quarter worth approximately $2,637,000. Pacer Advisors Inc. bought a new stake in Oil States International in the 1st quarter valued at $2,839,000. JB Capital Partners LP bought a new stake in shares of Oil States International during the 2nd quarter worth about $680,850. Finally, Wedge Capital Management L L P NC boosted its holdings in Oil States International by 52.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 137,594 shares of the oil and gas company's stock valued at $1,102,000 after purchasing an additional 47,068 shares during the period. 97.44% of the stock is owned by institutional investors and hedge funds.

Oil States International Stock Up 3.3%

The company has a current ratio of 2.35, a quick ratio of 1.29 and a debt-to-equity ratio of 0.03. The firm's 50-day moving average price is $8.45 and its 200 day moving average price is $9.33. The company has a market capitalization of $565.56 million, a price-to-earnings ratio of -4.96 and a beta of 1.20.

Oil States International Company Profile

Oil States International, Inc is an energy services and equipment company that supports oil and natural gas exploration, drilling, completion, production and infrastructure activities. The company serves operators, drilling contractors and other energy-industry customers through two primary areas: Well Site Services and Offshore/Manufactured Products.

Its Well Site Services business provides equipment and services used during the completion and production phases of a well. Offerings include completion and workover services, well testing, rental tools, frac water management and related support services.

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