Brandywine Global Investment Management LLC Takes Position in Oceaneering International, Inc. $OII

Key Points

• Brandywine Global Investment Management disclosed a new position in Oceaneering International, buying 228,424 shares worth about $5.49 million in the fourth quarter.
• Oceaneering reported Q1 earnings of $0.30 per share, missing estimates of $0.35, though revenue of $692.4 million came in above expectations and rose 2.7% from a year earlier.
• Analyst sentiment remains cautious: the stock carries a Hold consensus rating with an average price target of $36.67, even after several firms raised their targets recently.

Brandywine Global Investment Management LLC bought a new stake in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 228,424 shares of the oil and gas company's stock, valued at approximately $5,489,000. Brandywine Global Investment Management LLC owned approximately 0.23% of Oceaneering International at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Lido Advisors LLC lifted its position in shares of Oceaneering International by 2.8% during the 4th quarter. Lido Advisors LLC now owns 12,142 shares of the oil and gas company's stock valued at $299,000 after buying an additional 335 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of Oceaneering International by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 54,458 shares of the oil and gas company's stock valued at $1,307,000 after buying an additional 380 shares in the last quarter. CSM Advisors LLC lifted its position in shares of Oceaneering International by 3.1% during the 3rd quarter. CSM Advisors LLC now owns 14,455 shares of the oil and gas company's stock valued at $359,000 after buying an additional 428 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in Oceaneering International by 15.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 3,464 shares of the oil and gas company's stock valued at $87,000 after purchasing an additional 469 shares during the last quarter. Finally, State of Wyoming raised its stake in Oceaneering International by 5.8% in the 4th quarter. State of Wyoming now owns 11,299 shares of the oil and gas company's stock valued at $272,000 after purchasing an additional 621 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

Oceaneering International Stock Up 0.7%

Shares of OII opened at $39.30 on Thursday. Oceaneering International, Inc. has a 52-week low of $20.21 and a 52-week high of $40.21. The company has a market capitalization of $3.92 billion, a PE ratio of 11.66 and a beta of 1.16. The stock has a fifty day simple moving average of $37.57 and a two-hundred day simple moving average of $32.59. The company has a quick ratio of 1.79, a current ratio of 2.08 and a debt-to-equity ratio of 0.44.

Oceaneering International (NYSE:OII - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.05). Oceaneering International had a return on equity of 18.35% and a net margin of 12.12%.The company had revenue of $692.43 million during the quarter, compared to analyst estimates of $671.35 million. During the same period last year, the business earned $0.43 earnings per share. The firm's revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts forecast that Oceaneering International, Inc. will post 1.89 EPS for the current year.

Analyst Upgrades and Downgrades

OII has been the subject of several recent research reports. Weiss Ratings reissued a "buy (b-)" rating on shares of Oceaneering International in a research note on Friday, May 22nd. Barclays increased their price objective on Oceaneering International from $32.00 to $39.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. TD Cowen increased their price objective on Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a research note on Thursday, April 30th. Wall Street Zen downgraded Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Finally, Citigroup increased their price objective on Oceaneering International from $25.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $36.67.

Insider Activity

In related news, CEO Roderick A. Larson sold 5,000 shares of the firm's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $38.27, for a total transaction of $191,350.00. Following the completion of the sale, the chief executive officer directly owned 397,279 shares of the company's stock, valued at approximately $15,203,867.33. This trade represents a 1.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% 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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