Bank of New York Mellon Corp Invests $45.66 Million in Oceaneering International, Inc. $OII

Key Points

• Bank of New York Mellon acquired 1.13 million Oceaneering International shares worth approximately $45.66 million, giving it a 1.13% stake. Institutional investors and hedge funds collectively own 93.93% of OII.
• Oceaneering beat quarterly expectations with earnings of $0.63 per share versus the $0.46 consensus, while revenue rose 10% year over year to $768.18 million. Analysts expect full-year EPS of approximately $2.10.
• Despite OII trading near its 52-week high at $51.09, analyst sentiment remains cautious, with a consensus “Hold” rating and a $45 price target; insiders have sold $1.28 million of stock over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,126,793 shares of the oil and gas company's stock, valued at approximately $45,658,000. Bank of New York Mellon Corp owned about 1.13% of Oceaneering International at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Leuthold Group LLC purchased a new stake in Oceaneering International in the fourth quarter valued at approximately $3,548,000. Fifth Third Bancorp raised its position in Oceaneering International by 6,782.5% during the 1st quarter. Fifth Third Bancorp now owns 29,526 shares of the oil and gas company's stock worth $1,047,000 after buying an additional 29,097 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in Oceaneering International during the 4th quarter valued at approximately $5,489,000. Vanguard Group Inc. boosted its holdings in shares of Oceaneering International by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company's stock valued at $297,279,000 after acquiring an additional 187,707 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Oceaneering International by 22.0% in the 4th quarter. Goehring & Rozencwajg Associates LLC now owns 568,734 shares of the oil and gas company's stock valued at $13,667,000 after acquiring an additional 102,676 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings downgraded Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Citigroup lifted their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Barclays boosted their price objective on Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Finally, TD Cowen upped their target price on Oceaneering International from $34.00 to $36.00 and gave the stock a "hold" rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $45.00.

Oceaneering International Stock Performance

OII opened at $51.09 on Friday. The firm has a fifty day moving average price of $45.61 and a 200 day moving average price of $39.77. Oceaneering International, Inc. has a 1 year low of $22.02 and a 1 year high of $54.25. The stock has a market cap of $5.09 billion, a P/E ratio of 14.68 and a beta of 1.15. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.18 and a quick ratio of 1.90.

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

Insiders Place Their Bets

In other Oceaneering International news, SVP Christopher J. Dyer sold 1,200 shares of the firm'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 value of $57,180.00. Following the sale, the senior vice president directly owned 14,702 shares of the company's stock, valued at approximately $700,550.30. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $48.37, for a total value of $483,700.00. Following the completion of the sale, the director owned 68,916 shares of the company's stock, valued at $3,333,466.92. This trade represents a 12.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 26,901 shares of company stock worth $1,277,904 in the last 90 days. 1.30% of the stock is currently owned by company insiders.

About Oceaneering International

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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