Oceaneering International, Inc. (NYSE:OII – Get Free Report) was down 8.6% during mid-day trading on Monday . The company traded as low as $46.58 and last traded at $46.7050. 405,627 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 1,133,605 shares. The stock had previously closed at $51.09.
Wall Street Analysts Forecast Growth
OII has been the subject of several research reports. Barclays upped their target price on Oceaneering International from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th. Citigroup raised their price target on Oceaneering International from $40.00 to $52.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised shares of Oceaneering International from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 31st. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $45.00.
Get Our Latest Research Report on OII
Oceaneering International Stock Down 8.8%
Oceaneering International (NYSE:OII – Get Free Report) last released its earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.17. Oceaneering International had a net margin of 12.19% and a return on equity of 18.40%. The business had revenue of $768.18 million during the quarter, compared to analysts’ expectations of $735.69 million. During the same quarter in the previous year, the company earned $0.49 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. As a group, analysts forecast that Oceaneering International, Inc. will post 2.1 earnings per share for the current year.
Insider Buying and Selling
In other Oceaneering International news, Director M. McEvoy sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $47.92, for a total value of $143,760.00. Following the sale, the director owned 134,133 shares of the company’s stock, valued at $6,427,653.36. The trade was a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $48.37, for a total value of $483,700.00. Following the transaction, the director owned 68,916 shares in the company, valued at $3,333,466.92. This trade represents a 12.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 26,901 shares of company stock valued at $1,277,904 over the last 90 days. Insiders own 1.30% of the company’s stock.
Hedge Funds Weigh In On Oceaneering International
Hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC purchased a new stake in Oceaneering International during the second quarter worth about $224,000. Tidal Investments LLC boosted its stake in shares of Oceaneering International by 8.4% in the second quarter. Tidal Investments LLC now owns 30,209 shares of the oil and gas company’s stock valued at $1,224,000 after purchasing an additional 2,341 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of Oceaneering International in the second quarter valued at approximately $35,000. NewEdge Advisors LLC increased its stake in Oceaneering International by 24.2% during the 2nd quarter. NewEdge Advisors LLC now owns 32,640 shares of the oil and gas company’s stock worth $1,323,000 after buying an additional 6,367 shares during the period. Finally, IFP Advisors Inc increased its stake in Oceaneering International by 80.2% during the 2nd quarter. IFP Advisors Inc now owns 5,491 shares of the oil and gas company’s stock worth $222,000 after buying an additional 2,443 shares during the period. 93.93% of the stock is currently owned by hedge funds and other institutional investors.
About Oceaneering International
Oceaneering International, Inc is a Houston, Texas-based global engineering and technology company that provides products and services to the offshore energy, defense, aerospace, and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles (ROVs), subsea tooling, umbilicals, engineering services, and inspection, maintenance, and repair solutions for offshore infrastructure.
Oceaneering’s business also includes offshore project management, asset integrity management, digital and data solutions, and the design and manufacture of specialized equipment.
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