Fisher Asset Management LLC Acquires 66,554 Shares of Oceaneering International, Inc. $OII

Key Points

• Fisher Asset Management increased its stake in Oceaneering by 11.6%, buying 66,554 shares to hold 639,884 shares (about 0.64% of the company) valued at roughly $15.86 million at quarter-end.
• Insider selling has been notable recently — insiders sold 140,844 shares worth about $4.97 million in the past three months (insiders now own 2.10% of the stock), including disclosed sales by a director and the SVP.
• Analyst sentiment is mixed but slightly positive: the consensus rating is a “Moderate Buy” with an average target of $30.33, while TD Cowen and Barclays have raised targets to $34 and $32 respectively amid other upgrades and downgrades.

Fisher Asset Management LLC boosted its holdings in Oceaneering International, Inc. (NYSE:OII - Free Report) by 11.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 639,884 shares of the oil and gas company's stock after acquiring an additional 66,554 shares during the quarter. Fisher Asset Management LLC owned 0.64% of Oceaneering International worth $15,856,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OII. Smartleaf Asset Management LLC boosted its holdings in Oceaneering International by 15.7% during the third 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 in the last quarter. Profund Advisors LLC boosted its stake in Oceaneering International by 3.4% in the 2nd quarter. Profund Advisors LLC now owns 17,032 shares of the oil and gas company's stock valued at $353,000 after buying an additional 559 shares in the last quarter. Bessemer Group Inc. grew its position in Oceaneering International by 47.5% in the third quarter. Bessemer Group Inc. now owns 1,952 shares of the oil and gas company's stock valued at $48,000 after acquiring an additional 629 shares during the period. California State Teachers Retirement System raised its stake in Oceaneering International by 0.7% during the second quarter. California State Teachers Retirement System now owns 93,342 shares of the oil and gas company's stock worth $1,934,000 after acquiring an additional 634 shares in the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Oceaneering International by 255.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company's stock worth $34,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors own 93.93% of the company's stock.

Insider Buying and Selling

In other Oceaneering International news, Director Karen H. Beachy sold 9,800 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total transaction of $366,618.00. Following the transaction, the director directly owned 22,816 shares in the company, valued at approximately $853,546.56. This represents a 30.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Christopher J. Dyer sold 6,000 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $38.08, for a total transaction of $228,480.00. Following the completion of the transaction, the senior vice president directly owned 15,902 shares in the company, valued at $605,548.16. This trade represents a 27.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 140,844 shares of company stock worth $4,972,594. 2.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OII shares. TD Cowen upped their target price on shares of Oceaneering International from $28.00 to $34.00 and gave the stock a "hold" rating in a report on Tuesday. Weiss Ratings raised shares of Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Barclays lifted their target price on shares of Oceaneering International from $23.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, February 23rd. Finally, Wall Street Zen downgraded Oceaneering International from a "buy" rating to a "hold" rating in a report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $30.33.

Oceaneering International Trading Down 0.0%

Shares of NYSE OII opened at $35.16 on Thursday. Oceaneering International, Inc. has a 1-year low of $15.46 and a 1-year high of $39.00. The company has a 50-day moving average of $30.20 and a two-hundred day moving average of $26.29. The company has a market cap of $3.49 billion, a PE ratio of 10.05 and a beta of 1.18. The company has a current ratio of 1.99, a quick ratio of 1.72 and a debt-to-equity ratio of 0.45.

Oceaneering International (NYSE:OII - Get Free Report) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.44 by $0.01. Oceaneering International had a net margin of 12.71% and a return on equity of 21.58%. The business had revenue of $668.57 million during the quarter, compared to analyst estimates of $678.16 million. During the same quarter last year, the business posted $0.37 earnings per share. Oceaneering International's revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, equities analysts expect that Oceaneering International, Inc. will post 1.78 earnings per share for the current fiscal year.

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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