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

Key Points

• Citigroup raised its price target for Oceaneering from $25 to $35 while maintaining a "neutral" rating, and the consensus from analysts remains a Hold with an average target of $33.67.
• Shares traded around $35.33 after Oceaneering reported Q results of $0.45 EPS (vs. $0.44 est.) and $668.6M revenue (below estimates and down 6.3% YoY); the company has a market cap of $3.51B and a PE of 10.1.
• Insider activity shows notable selling: executives sold large blocks in late February and insiders have disposed of 140,844 shares (≈$4.97M) in the past 90 days, with insiders owning 2.10% of the stock.

Oceaneering International (NYSE:OII - Get Free Report) had its target price upped by stock analysts at Citigroup from $25.00 to $35.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Citigroup's target price would indicate a potential downside of 0.93% from the company's previous close.

Other equities analysts have also recently issued reports about the company. Zacks Research cut Oceaneering International from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 5th. Weiss Ratings raised shares of Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Barclays raised their target price on shares of Oceaneering International from $23.00 to $32.00 and gave the company an "equal weight" rating in a report on Monday, February 23rd. Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a research report on Sunday, March 1st. Finally, TD Cowen boosted their price objective on shares of Oceaneering International from $28.00 to $34.00 and gave the company a "hold" rating in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $33.67.

Oceaneering International Stock Performance

Shares of Oceaneering International stock traded up $0.34 during trading on Tuesday, reaching $35.33. The company's stock had a trading volume of 125,354 shares, compared to its average volume of 1,245,703. Oceaneering International has a 52 week low of $15.46 and a 52 week high of $39.00. The firm has a market cap of $3.51 billion, a PE ratio of 10.10 and a beta of 1.18. The business's 50-day moving average price is $30.83 and its 200-day moving average price is $26.57. The company has a quick ratio of 1.72, a current ratio of 1.99 and a debt-to-equity ratio of 0.45.

Oceaneering International (NYSE:OII - Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.01. Oceaneering International had a net margin of 12.71% and a return on equity of 21.58%. The business had revenue of $668.57 million during the quarter, compared to analysts' expectations of $678.16 million. During the same quarter in the previous year, the company earned $0.37 EPS. The business's revenue was down 6.3% on a year-over-year basis. Equities analysts forecast that Oceaneering International will post 1.78 earnings per share for the current year.

Insider Buying and Selling at Oceaneering International

In related news, SVP Earl Childress sold 22,518 shares of the firm's stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $37.41, for a total transaction of $842,398.38. Following the completion of the transaction, the senior vice president owned 35,577 shares of the company's stock, valued at $1,330,935.57. This trade represents a 38.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Benjamin Laura sold 33,176 shares of the business's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $37.51, for a total value of $1,244,431.76. Following the completion of the sale, the chief operating officer directly owned 45,911 shares in the company, valued at $1,722,121.61. This trade represents a 41.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 140,844 shares of company stock valued at $4,972,594. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Oceaneering International

A number of hedge funds have recently bought and sold shares of OII. SummerHaven Investment Management LLC bought a new stake in shares of Oceaneering International in the third quarter worth approximately $967,000. Essex Investment Management Co. LLC boosted its stake in shares of Oceaneering International by 58.7% in the 3rd quarter. Essex Investment Management Co. LLC now owns 159,261 shares of the oil and gas company's stock worth $3,946,000 after buying an additional 58,925 shares during the last quarter. CenterBook Partners LP bought a new position in Oceaneering International in the third quarter valued at about $409,000. SG Americas Securities LLC increased its position in shares of Oceaneering International by 1,377.0% during the 3rd quarter. SG Americas Securities LLC now owns 156,547 shares of the oil and gas company's stock valued at $3,879,000 after purchasing an additional 145,948 shares during the last quarter. Finally, Greenhouse Funds LLLP lifted its stake in shares of Oceaneering International by 9.9% in the 2nd quarter. Greenhouse Funds LLLP now owns 2,491,803 shares of the oil and gas company's stock worth $51,630,000 after purchasing an additional 223,724 shares during the period. Institutional investors own 93.93% of the company's stock.

Oceaneering International Company Profile

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.

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