With oil prices increasing, you would think these stocks would be seeing new highs. A receding tide, however, lowers all ships. Oceaneering reported first-quarter earnings that were more than double the previous year's first quarter. It also upped its 2006 earnings guidance to $3.60 to $3.90 a share, from $2.90 to $3.10 a share previously. Analysts had been projecting full-year earnings of $3.11 a share. Oceaneering is expected to post second-quarter earnings of 50 cents a share on Aug. 2, up from 28 cents the prior year. Even so, the stock is still trading more than 15% off of its 52-week highs. Oceaneering is the world leader in remote-operated vehicles (ROV). With oil getting harder to find, you need these ROV units to help with exploration in deep waters. Oceaneering's ROV units are achieving higher day rates in the same vein as the drillers.