Shares in subsea robotics company Oceaneering International (NYSE: OII) rose a remarkable 39.6% in February, according to data from S&P Global Market Intelligence . The larger part of the move came after a well-received set of fourth-quarter earnings.
The size of the move is a reminder of what can happen when a stock in a beaten-up sector reports something that might encourage investors to think the company is over the worst. In this case, it's Oceaneering and its exposure to offshore oil-field spending.
As noted by the company in its earnings release, "The COVID-19 pandemic negatively impacted operator investments in oil and gas projects, due to a decline in crude oil demand and pricing." Given those market conditions in 2020, it's understandable that some investors have been cautious in putting money into the sector.
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Why Shares of Oceaneering International Soared Nearly 40% in February