Oceaneering International (NYSE:OII) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded Oceaneering International to “strong-buy” from “hold.” The broader analyst consensus remains “moderate buy,” with an average price target of $45.00.
• Oceaneering reported quarterly EPS of $0.63, beating estimates of $0.46, while revenue reached $768.18 million and increased 10% year over year.
• The stock opened at $43.67, below its 50-day moving average of $48.93 but above its 200-day average of $42.40. Insiders sold 32,901 shares worth about $1.54 million over the past 90 days, while institutional investors own 93.93% of the company.

Oceaneering International (NYSE:OII - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other brokerages have also recently issued reports on OII. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Barclays lifted their price target on Oceaneering International from $39.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Weiss Ratings raised Oceaneering International from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 31st. Finally, Citigroup upped their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Oceaneering International presently has a consensus rating of "Moderate Buy" and an average price target of $45.00.

Oceaneering International Stock Down 2.9%

Oceaneering International stock opened at $43.67 on Tuesday. The stock has a market capitalization of $4.35 billion, a PE ratio of 12.55 and a beta of 1.25. Oceaneering International has a twelve month low of $22.02 and a twelve month high of $54.25. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42. The company has a 50 day moving average of $48.93 and a 200-day moving average of $42.40.

Oceaneering International (NYSE:OII - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.46 by $0.17. The business had revenue of $768.18 million during the quarter, compared to the consensus estimate of $735.69 million. Oceaneering International had a return on equity of 18.40% and a net margin of 12.19%.Oceaneering International's quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the company earned $0.49 earnings per share. On average, equities research analysts anticipate that Oceaneering International will post 2.1 EPS for the current fiscal year.

Insider Buying and Selling at Oceaneering International

In other news, Director Paul B. Murphy, Jr. sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $48.37, for a total value of $483,700.00. Following the completion of the transaction, the director directly owned 68,916 shares in the company, valued at approximately $3,333,466.92. The trade was a 12.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Roderick A. Larson sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $44.16, for a total transaction of $264,960.00. Following the transaction, the chief executive officer owned 391,279 shares of the company's stock, valued at approximately $17,278,880.64. This represents a 1.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,901 shares of company stock valued at $1,542,864 over the last ninety days. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Oceaneering International

A number of large investors have recently modified their holdings of the business. QRG Capital Management Inc. increased its position in Oceaneering International by 12.9% during the 2nd quarter. QRG Capital Management Inc. now owns 24,006 shares of the oil and gas company's stock worth $973,000 after purchasing an additional 2,743 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Oceaneering International in the second quarter valued at approximately $224,000. Tidal Investments LLC grew its stake in shares of Oceaneering International by 8.4% during the second quarter. Tidal Investments LLC now owns 30,209 shares of the oil and gas company's stock worth $1,224,000 after buying an additional 2,341 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Oceaneering International during the second quarter worth $35,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Oceaneering International by 24.2% during the second 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 in the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

Oceaneering International Company Profile

Oceaneering International, Inc is a Houston-based technology and engineering company that provides products and services for subsea, offshore, aerospace and defense, and other industrial markets. Founded in 1969, the company is best known for its work in challenging underwater environments and serves customers involved in energy production, infrastructure, government programs, and industrial operations.

Oceaneering's subsea businesses provide remotely operated vehicles, autonomous underwater technologies, subsea equipment, tooling, umbilicals, connectors, and intervention systems.

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