Oceaneering International (NYSE:OII) Given New $25.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target for Oceaneering International from $20.00 to $25.00, suggesting a potential upside of 2.87% from its previous closing price.
• The company's average rating is currently "Hold," with a consensus price target of $27.00, reflecting cautious sentiment from analysts.
• Oceaneering International reported an earnings beat in its latest quarter, with earnings per share of $0.49, exceeding estimates of $0.42, and a revenue of $698.16 million.

Oceaneering International (NYSE:OII - Free Report) had its price target increased by Citigroup from $20.00 to $25.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company's stock.

Several other brokerages have also recently weighed in on OII. Barclays upped their price target on Oceaneering International from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Wall Street Zen cut Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $27.00.

Oceaneering International Stock Down 2.1%

OII stock traded down $0.51 during midday trading on Tuesday, hitting $24.25. The stock had a trading volume of 437,627 shares, compared to its average volume of 554,411. The firm has a market cap of $2.43 billion, a price-to-earnings ratio of 12.25 and a beta of 1.64. The business has a 50-day moving average of $22.61 and a two-hundred day moving average of $20.72. Oceaneering International has a 52-week low of $15.46 and a 52-week high of $30.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.00 and a quick ratio of 1.67.

Oceaneering International (NYSE:OII - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.07. The company had revenue of $698.16 million for the quarter, compared to analysts' expectations of $676.81 million. Oceaneering International had a return on equity of 22.09% and a net margin of 7.31%.The firm's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 earnings per share. As a group, equities research analysts forecast that Oceaneering International will post 1.78 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alan R. Curtis sold 14,840 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $24.36, for a total transaction of $361,502.40. Following the transaction, the chief financial officer directly owned 155,259 shares of the company's stock, valued at $3,782,109.24. This represents a 8.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brown Advisory Inc. lifted its holdings in shares of Oceaneering International by 12.2% during the second quarter. Brown Advisory Inc. now owns 7,345,637 shares of the oil and gas company's stock valued at $152,202,000 after purchasing an additional 799,718 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Oceaneering International by 8.2% during the second quarter. American Century Companies Inc. now owns 3,370,206 shares of the oil and gas company's stock valued at $69,831,000 after purchasing an additional 256,628 shares in the last quarter. Greenhouse Funds LLLP lifted its holdings in shares of Oceaneering International by 9.9% during the second quarter. Greenhouse Funds LLLP now owns 2,491,803 shares of the oil and gas company's stock valued at $51,630,000 after purchasing an additional 223,724 shares in the last quarter. Congress Asset Management Co. lifted its holdings in shares of Oceaneering International by 3.1% during the first quarter. Congress Asset Management Co. now owns 1,790,545 shares of the oil and gas company's stock valued at $39,052,000 after purchasing an additional 54,238 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Oceaneering International by 916.6% during the second quarter. Balyasny Asset Management L.P. now owns 1,361,917 shares of the oil and gas company's stock valued at $28,219,000 after purchasing an additional 1,227,950 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

Oceaneering International Company Profile

Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. It operates through Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments.