Oceaneering International (OII) came out with a quarterly loss of $0.14 per share versus the Zacks Consensus Estimate of a loss of $0.19. This compares to loss of $0.32 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 26.32%. A quarter ago, it was expected that this oilfield services company would post a loss of $0.19 per share when it actually produced earnings of $0.04, delivering a surprise of 121.05%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Oceaneering International, which belongs to the Zacks Oil and Gas - Field Services industry, posted revenues of $427.22 million for the quarter ended June 2020, missing the Zacks Consensus Estimate by 5.42%. This compares to year-ago revenues of $495.78 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Oceaneering International shares have lost about 61.6% since the beginning of the year versus the S&P 500's decline of -0.4%.

What's Next for Oceaneering International?

While Oceaneering International has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Oceaneering International was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.