Citigroup Issues Positive Forecast for Oceaneering International (NYSE:OII) Stock Price

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 - Get Free Report) had its price target upped by analysts at Citigroup from $20.00 to $25.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Citigroup's price target would indicate a potential upside of 2.87% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Barclays raised their price target on shares of Oceaneering International from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. 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 company presently has an average rating of "Hold" and a consensus price target of $27.00.

Oceaneering International Stock Performance

OII traded up $0.26 on Tuesday, hitting $24.30. 61,473 shares of the company's stock were exchanged, compared to its average volume of 846,152. The firm has a market cap of $2.44 billion, a PE ratio of 12.26 and a beta of 1.64. Oceaneering International has a twelve month low of $15.46 and a twelve month high of $30.98. The stock has a fifty day moving average of $22.37 and a two-hundred day moving average of $20.65. The company has a current ratio of 2.00, a quick ratio of 1.67 and a debt-to-equity ratio of 0.57.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $698.16 million for the quarter, compared to analyst estimates of $676.81 million. Oceaneering International had a net margin of 7.31% and a return on equity of 22.09%. Oceaneering International's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 earnings per share. On average, research analysts anticipate 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 stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $24.36, for a total value of $361,502.40. Following the completion of the transaction, the chief financial officer directly owned 155,259 shares in the company, valued at $3,782,109.24. This trade represents a 8.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OII. Brown Advisory Inc. grew its position in Oceaneering International by 12.2% in the second quarter. Brown Advisory Inc. now owns 7,345,637 shares of the oil and gas company's stock worth $152,202,000 after buying an additional 799,718 shares during the last quarter. American Century Companies Inc. grew its position in Oceaneering International by 8.2% in the second quarter. American Century Companies Inc. now owns 3,370,206 shares of the oil and gas company's stock worth $69,831,000 after buying an additional 256,628 shares during the last quarter. Greenhouse Funds LLLP grew its position in Oceaneering International by 9.9% in the second quarter. Greenhouse Funds LLLP now owns 2,491,803 shares of the oil and gas company's stock worth $51,630,000 after buying an additional 223,724 shares during the last quarter. Congress Asset Management Co. grew its position in Oceaneering International by 3.1% in the first quarter. Congress Asset Management Co. now owns 1,790,545 shares of the oil and gas company's stock worth $39,052,000 after buying an additional 54,238 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its position in Oceaneering International by 916.6% in the second quarter. Balyasny Asset Management L.P. now owns 1,361,917 shares of the oil and gas company's stock worth $28,219,000 after buying an additional 1,227,950 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company's stock.

About Oceaneering International

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.

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