Oceaneering International (NYSE:OII) Price Target Cut to $42.00 by Analysts at Barclays

Key Points

• Barclays lowered Oceaneering International’s price target from $47 to $42 while maintaining an “equal weight” rating, implying roughly 4.18% upside from the prior close.
• Analyst sentiment remains mixed but leans positive: the stock has an average “Moderate Buy” rating and a consensus price target of $43.33.
• Oceaneering reported quarterly revenue of $784.55 million, exceeding estimates, but earnings per share of $0.50 fell short of the $0.59 consensus forecast.

Oceaneering International (NYSE:OII - Get Free Report) had its price objective decreased by research analysts at Barclays from $47.00 to $42.00 in a report released on Monday, Benzinga reports. The brokerage currently has an "equal weight" rating on the oil and gas company's stock. Barclays's price target indicates a potential upside of 4.18% from the company's previous close.

Several other equities research analysts have also recently issued reports on the company. Weiss Ratings cut Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, October 14th. Citigroup increased their target price on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded Oceaneering International from a "hold" rating to a "buy" rating in a research report on Saturday, October 17th. Finally, Zacks Research raised Oceaneering International from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.33.

Oceaneering International Price Performance

Oceaneering International stock traded up $1.04 during trading on Monday, reaching $40.31. The company had a trading volume of 204,573 shares, compared to its average volume of 1,110,663. The firm has a market capitalization of $4.01 billion, a PE ratio of 12.26 and a beta of 1.25. The firm's 50-day simple moving average is $47.34 and its 200 day simple moving average is $43.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.97 and a current ratio of 2.20. Oceaneering International has a 1-year low of $22.13 and a 1-year high of $54.25.

Oceaneering International (NYSE:OII - Get Free Report) last posted its quarterly earnings data on Wednesday, October 21st. The oil and gas company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). The company had revenue of $784.55 million for the quarter, compared to analyst estimates of $775.93 million. Oceaneering International had a return on equity of 16.87% and a net margin of 11.37%. The business's revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.55 earnings per share. As a group, equities research analysts anticipate that Oceaneering International will post 2.10 earnings per share for the current fiscal year.

Insider Buying and Selling

In other 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 transaction of $143,760.00. Following the transaction, the director directly owned 134,133 shares in the company, valued at $6,427,653.36. The trade was a 2.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Christopher J. Dyer sold 1,200 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $47.65, for a total value of $57,180.00. Following the completion of the sale, the senior vice president owned 14,702 shares of the company's stock, valued at $700,550.30. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,901 shares of company stock worth $1,542,864 in the last 90 days. Corporate insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Oceaneering International

Several hedge funds and other institutional investors have recently made changes to their positions in OII. Root Financial Partners LLC acquired a new stake in shares of Oceaneering International during the 3rd quarter worth approximately $26,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Oceaneering International during the 2nd quarter valued at approximately $35,000. Allworth Financial LP purchased a new stake in shares of Oceaneering International during the 2nd quarter valued at approximately $42,000. Whittier Trust Co. of Nevada Inc. acquired a new position in Oceaneering International in the first quarter valued at approximately $53,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Oceaneering International in the second quarter valued at approximately $54,000. Institutional investors and hedge funds own 93.93% of the company's stock.

About Oceaneering International

Oceaneering International, Inc is a Houston-based global engineering and technology company that provides services, equipment and applied technologies for the energy, defense, aerospace and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles, subsea engineering, inspection, maintenance, repair and installation services, and specialized products used in offshore oil and gas operations.

Oceaneering also develops advanced technologies for government and commercial customers.

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