NEW YORK (TheStreet) -- Shares of General Electric (GE) are rising, higher by 0.53% to $24.71 in afternoon trading Tuesday, after the industrial conglomerate announced this morning that it has agreed to acquire Oceaneering's (OII) electric actuator product line to enhance its remote sub-sea production and processing capabilities.
The company said the product line goes to market under the Oceaneering Subsea All Slectric and Ifokus brand.
The deal is expected to close in the first quarter of fiscal 2015, but the amount for which GE is purchasing the product line was not disclosed.
General Electric shares have declined 5% in the past three months, compared to a 23% drop in the Dow Jones U.S. Oil and Gas Index, while the S&P 500 is down 0.5% over the same period.
Separately, TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."