Oceaneering International (NYSE:OII) Hits New 1-Year High – Here’s What Happened

Oceaneering International, Inc. (NYSE:OII) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $43.92 and last traded at $43.2380, with a volume of 837731 shares traded. The stock had previously closed at $42.10.

Analysts Set New Price Targets

A number of research firms recently weighed in on OII. Barclays raised their price objective on Oceaneering International from $32.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Oceaneering International in a report on Friday, May 22nd. TD Cowen increased their target price on Oceaneering International from $34.00 to $36.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. Finally, Citigroup raised their price target on Oceaneering International from $35.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $38.33.

Oceaneering International Trading Down 1.3%

The firm has a market capitalization of $4.26 billion, a PE ratio of 12.68 and a beta of 1.15. The firm has a 50 day simple moving average of $38.74 and a 200 day simple moving average of $35.04. The company has a current ratio of 2.08, a quick ratio of 1.79 and a debt-to-equity ratio of 0.44.

Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. The business had revenue of $692.43 million for the quarter, compared to the consensus estimate of $671.35 million. During the same period in the previous year, the company earned $0.43 earnings per share. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts expect that Oceaneering International, Inc. will post 1.89 earnings per share for the current fiscal year.

Insider Transactions at Oceaneering International

In other news, CEO Roderick A. Larson sold 5,000 shares of the firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $38.27, for a total transaction of $191,350.00. Following the sale, the chief executive officer owned 397,279 shares of the company’s stock, valued at $15,203,867.33. This trade represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Oceaneering International

Several institutional investors and hedge funds have recently added to or reduced their stakes in OII. Vanguard Group Inc. raised its stake in Oceaneering International by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company’s stock valued at $297,279,000 after buying an additional 187,707 shares during the last quarter. State Street Corp grew its holdings in shares of Oceaneering International by 4.9% in the fourth quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company’s stock worth $111,673,000 after acquiring an additional 215,366 shares during the period. Morgan Stanley Institutional Investment Advisors LLC bought a new stake in shares of Oceaneering International in the fourth quarter worth $94,847,000. Dimensional Fund Advisors LP increased its position in Oceaneering International by 5.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,477,068 shares of the oil and gas company’s stock valued at $83,556,000 after acquiring an additional 191,117 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Oceaneering International by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 2,304,738 shares of the oil and gas company’s stock valued at $55,396,000 after acquiring an additional 51,871 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

About Oceaneering International

Oceaneering International, Inc is a global provider of engineered services and products primarily to the offshore oil and gas industry, as well as to aerospace, defense, and commercial diving markets. The company specializes in remotely operated vehicles (ROVs), subsea intervention, and inspection services designed to support exploration, production and maintenance activities in challenging underwater environments. In addition to ROV operations, Oceaneering offers asset integrity solutions, specialized tooling, and intervention equipment for pipelines, risers, and flowlines.

Founded in 1964 and headquartered in Houston, Texas, Oceaneering has grown through both organic expansion and strategic acquisitions.