UPDATE: Dahlman Rose Reiterates Buy Rating, Raises PT on Oceaneering International

In a report published Monday, Dahlman Rose & Co. reiterated its Buy rating on Oceaneering International (NYSE: OII), and raised its price target from $59.00 to $62.00.

Dahlman Rose noted, “We continue to believe that Oceaneering International has an exceptional three-to-five year outlook because of the strength we see in ultra-deepwater drilling and completions. We maintain our 2012 earnings per share estimate and are modestly increasing our 2013 EPS estimate. Our forecasts are $2.65 for 2012 and $3.30 for 2013. Based on the strength and visibility for ultra-deepwater drilling and completions, we believe that Oceaneering stock should trade at a 50% premium to the S&P 500 on 2013 estimated earnings, or an 18.75x multiple. This results in our price target being increased to $62 per share from $59 and projected 20% appreciation in the stock on a 12-month basis.”

Oceaneering International closed on Friday at $51.65.