Raymond James cuts Oil States stock price target on guidance outlook

Raymond James reduced its price target for Oil States International (OIS) to $11.00, down from $12.00, while keeping an "Outperform" rating. The firm highlighted that OIS reported quarterly results surpassing expectations, with notable bookings driving the highest backlog since late 2014. OIS also saw positive free cash flow for the first time in the quarter.

The stock has shown a 60.8% return over the past year, currently trading at $9.60. Analysts forecast profitability for OIS this year, marking a turnaround from recent losses. Raymond James noted that 2027 guidance was modestly below expectations, though they still view the company favorably for long-term growth, valuation, and free cash flow.

The analyst believes the stock is undervalued and is supported by a strong balance sheet with liquid assets exceeding short-term obligations. Investors can find more detailed insights in OIS's Pro Research Report. OIS reported strong Q3 2026 results, beating expectations with adjusted EPS of $0.15 versus $0.13 forecast and revenue of $170 million against the anticipated $164.48 million.

The company also reported a significant backlog increase to $482 million, the highest level in nearly 12 years, driven by stronger offshore demand. Despite ongoing cost pressures and working-capital needs, the company's recent performance has caught investor attention.