Shares of Oceaneering International (NYSE: OII), a provider of engineered services to the energy industry, soared 15% today as of 2:30 p.m. EST.
The move accelerated a recovery in the stock from a rough 2020, when shares were down almost 50%. Today’s jump brings shares to levels last seen in early March of last year.
With oil prices hitting $50 per barrel for the first time since before the pandemic, the stocks of companies in the industry are moving broadly higher today. A recovery in the sector began slowly as promising vaccine news and the reopening of the economy started to take shape in the fall.