364,827 Shares in Oceaneering International, Inc. $OII Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 364,827 shares of Oceaneering International during the second quarter, valued at approximately $14.8 million and representing about 0.37% of the company.
• Institutional investors own approximately 93.93% of OII, with BlackRock and several other firms also establishing significant new positions during the quarter.
• Analysts maintain a largely cautious outlook, with an average rating of “Hold” and a consensus price target of $45.00. Oceaneering recently beat quarterly earnings expectations, reporting $0.63 EPS versus the $0.46 consensus estimate.

Bank of America Corp DE acquired a new stake in Oceaneering International, Inc. (NYSE:OII - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 364,827 shares of the oil and gas company's stock, valued at approximately $14,783,000. Bank of America Corp DE owned approximately 0.37% of Oceaneering International as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in OII. BlackRock Inc. bought a new stake in shares of Oceaneering International in the second quarter valued at $664,659,000. Morgan Stanley Institutional Investment Advisors LLC bought a new stake in shares of Oceaneering International in the fourth quarter worth about $94,847,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Oceaneering International during the 2nd quarter valued at approximately $92,100,000. Reinhart Partners LLC. purchased a new stake in Oceaneering International in the second quarter worth about $66,795,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Oceaneering International during the second quarter valued at $45,658,000. Institutional investors own 93.93% of the company's stock.

Wall Street Analyst Weigh In

OII has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Oceaneering International from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 31st. Citigroup increased their price objective on shares of Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Barclays upped their price target on shares of Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Finally, Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Oceaneering International currently has an average rating of "Hold" and a consensus price target of $45.00.

Insider Activity at Oceaneering International

In other Oceaneering International news, SVP Christopher Dyer sold 1,200 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $47.65, for a total transaction of $57,180.00. Following the transaction, the senior vice president owned 14,702 shares in the company, valued at approximately $700,550.30. The trade was a 7.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Paul Murphy, Jr. sold 10,000 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $48.37, for a total transaction of $483,700.00. Following the completion of the transaction, the director directly owned 68,916 shares of the company's stock, valued at $3,333,466.92. The trade was a 12.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 26,901 shares of company stock valued at $1,277,904. Corporate insiders own 1.30% of the company's stock.

Oceaneering International Stock Performance

OII opened at $46.29 on Friday. The firm's fifty day simple moving average is $49.41 and its two-hundred day simple moving average is $41.79. Oceaneering International, Inc. has a 52-week low of $22.02 and a 52-week high of $54.25. The company has a market cap of $4.61 billion, a price-to-earnings ratio of 13.30 and a beta of 1.17. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42.

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

About Oceaneering International

Oceaneering International, Inc is a Houston, Texas-based global engineering and technology company that provides products and services to the offshore energy, defense, aerospace, and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles (ROVs), subsea tooling, umbilicals, engineering services, and inspection, maintenance, and repair solutions for offshore infrastructure.

Oceaneering's business also includes offshore project management, asset integrity management, digital and data solutions, and the design and manufacture of specialized equipment.

Want to see what other hedge funds are holding OII? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Oceaneering International, Inc. (NYSE:OII - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.