Algert Global LLC Sells 399,092 Shares of Oceaneering International, Inc. $OII

Key Points

• Algert Global LLC cut its Oceaneering International stake by 88.1% in the second quarter, selling 399,092 shares and retaining 53,793 shares valued at approximately $2.18 million.
• Oceaneering reported quarterly EPS of $0.63, exceeding the $0.46 consensus estimate, while revenue rose 10% year over year to $768.18 million. The stock opened at $50.62, near its 12-month high of $54.25.
• Analysts maintain a consensus “Hold” rating with a $45.00 target price, while company insiders sold 26,901 shares worth about $1.28 million during the latest quarter.

Algert Global LLC lessened its holdings in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) by 88.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 53,793 shares of the oil and gas company's stock after selling 399,092 shares during the period. Algert Global LLC owned approximately 0.05% of Oceaneering International worth $2,180,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allworth Financial LP bought a new stake in shares of Oceaneering International in the second quarter valued at approximately $42,000. Wilmington Savings Fund Society FSB acquired a new position in Oceaneering International during the 3rd quarter valued at $28,000. Quarry LP bought a new stake in Oceaneering International in the 3rd quarter valued at $30,000. EverSource Wealth Advisors LLC boosted its holdings in Oceaneering International by 335.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 1,111 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. acquired a new stake in Oceaneering International in the 1st quarter worth $53,000. Institutional investors own 93.93% of the company's stock.

Oceaneering International Stock Down 1.2%

OII opened at $50.62 on Friday. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 14.55 and a beta of 1.15. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.90 and a current ratio of 2.18. The firm's 50-day simple moving average is $45.90 and its 200-day simple moving average is $39.84. Oceaneering International, Inc. has a twelve month low of $22.02 and a twelve month high of $54.25.

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

Insiders Place Their Bets

In other Oceaneering International news, SVP Earl Childress sold 12,701 shares of Oceaneering International stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $46.71, for a total value of $593,263.71. Following the completion of the transaction, the senior vice president owned 22,876 shares in the company, valued at approximately $1,068,537.96. The trade was a 35.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of the business's stock in a transaction on Friday, August 7th. The stock was 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. This represents a 12.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 26,901 shares of company stock valued at $1,277,904 over the last quarter. 1.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OII. Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Citigroup lifted their target price on Oceaneering International from $40.00 to $52.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Weiss Ratings cut Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, August 14th. Finally, Barclays raised their price objective on Oceaneering International from $39.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, July 27th. One equities 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, the company has an average rating of "Hold" and a consensus target price of $45.00.

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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