BlackRock Inc. Takes Position in Oceaneering International, Inc. $OII

Key Points

• BlackRock acquired 16.4 million shares of Oceaneering International in the second quarter, worth about $664.7 million, giving it an approximately 16.48% stake. Institutional investors collectively own 93.93% of the company.
• Analyst sentiment remains cautious, with one Buy and four Hold ratings producing a consensus Hold rating and an average price target of $45, below the stock’s recent $53.01 price. Several firms have raised their targets, though insiders sold 26,901 shares worth roughly $1.28 million during the last quarter.
• Oceaneering reported stronger-than-expected quarterly results, posting $0.63 in earnings per share versus the $0.46 consensus estimate and revenue of $768.2 million, up 10% year over year. Shares are near their 52-week high of $54.25, while analysts forecast full-year EPS of approximately $2.10.

BlackRock Inc. bought a new position in Oceaneering International, Inc. (NYSE:OII - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 16,403,230 shares of the oil and gas company's stock, valued at approximately $664,659,000. BlackRock Inc. owned approximately 16.48% of Oceaneering International as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Oceaneering International during the third quarter worth about $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 worth $30,000 after purchasing an additional 1,111 shares in the last quarter. Quarry LP bought a new position in shares of Oceaneering International during the 3rd quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Oceaneering International during the 1st quarter valued at about $53,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of Oceaneering International by 248.8% during the 4th quarter. Hantz Financial Services Inc. now owns 2,281 shares of the oil and gas company's stock valued at $55,000 after buying an additional 1,627 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Insider Activity

In other Oceaneering International news, Director M Kevin Mcevoy sold 3,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $47.92, for a total transaction of $143,760.00. Following the completion of the sale, the director owned 134,133 shares of the company's stock, valued at $6,427,653.36. This represents a 2.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $48.37, for a total transaction of $483,700.00. Following the completion of the sale, the director directly owned 68,916 shares in the company, valued at approximately $3,333,466.92. This trade represents a 12.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 26,901 shares of company stock valued at $1,277,904. 1.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OII. Citigroup boosted 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. TD Cowen increased their price target on shares of Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a research report on Thursday, April 30th. Weiss Ratings downgraded shares of Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, August 14th. Barclays boosted their price objective on shares of Oceaneering International from $39.00 to $47.00 and gave the stock an "equal weight" rating in a report on Monday, July 27th. Finally, Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Oceaneering International presently has a consensus rating of "Hold" and an average target price of $45.00.

Oceaneering International Price Performance

Shares of Oceaneering International stock opened at $53.01 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.18 and a quick ratio of 1.90. The business's 50 day simple moving average is $44.53 and its two-hundred day simple moving average is $39.23. The stock has a market capitalization of $5.28 billion, a P/E ratio of 15.23 and a beta of 1.15. Oceaneering International, Inc. has a one year low of $22.02 and a one year high of $54.25.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share 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 firm had revenue of $768.18 million during the quarter, compared to analyst estimates of $735.69 million. During the same quarter in the prior year, the firm posted $0.49 earnings per share. The business's quarterly revenue was up 10.0% compared to the same quarter last year. Analysts forecast that Oceaneering International, Inc. will post 2.1 EPS for the current year.

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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