Here’s Why Oceaneering International Surged More Than 10% in July

Shares of Oceaneering International (NYSE: OII) surged in July ending the month up 10.7% after receiving a quick rating upgrade and reporting expectation-beating second-quarter results.

On July 20th, Seaport Global upgraded Oceaneering from sell to neutral stating that the offshore service company was its preferred name in the deepwater service market. What's noteworthy about this rating change is that it came about a month after Seaport Global downgraded Oceaneering and 50 other oil stocks after it threw in the towel on the oil market. However, with the oil market showing some signs of improvement, Seaport reversed its downgrade on Oceaneering after watching the stock jump nearly 10% in the month that followed its capitulating call on the sector.

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Source: Fool.com