Great Lakes Advisors LLC Lowers Holdings in Oceaneering International, Inc. $OII

Key Points

• Great Lakes Advisors LLC has reduced its holdings in Oceaneering International, Inc. by 47.5%, now owning 24,488 shares worth $534,000.
• Several institutional investors, including Brown Advisory Inc. and Old West Investment Management LLC, made significant adjustments to their positions in Oceaneering International during the first quarter of 2023.
• Analysts have varied opinions on Oceaneering, with recent changes including a downgrade from a "buy" to a "hold" rating by Wall Street Zen and target price increases from Barclays and Citigroup.

Great Lakes Advisors LLC reduced its holdings in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) by 47.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,488 shares of the oil and gas company's stock after selling 22,195 shares during the period. Great Lakes Advisors LLC's holdings in Oceaneering International were worth $534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Ieq Capital LLC bought a new position in shares of Oceaneering International in the first quarter worth approximately $389,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Oceaneering International by 62.3% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 27,675 shares of the oil and gas company's stock worth $604,000 after purchasing an additional 10,628 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Oceaneering International by 2.3% in the first quarter. Principal Financial Group Inc. now owns 539,234 shares of the oil and gas company's stock worth $11,761,000 after purchasing an additional 12,085 shares during the last quarter. Harbor Capital Advisors Inc. bought a new position in shares of Oceaneering International in the first quarter worth approximately $546,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Oceaneering International by 1.5% in the first quarter. Envestnet Asset Management Inc. now owns 326,978 shares of the oil and gas company's stock worth $7,131,000 after purchasing an additional 4,950 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

Oceaneering International Trading Up 1.7%

NYSE:OII traded up $0.41 during trading hours on Thursday, hitting $24.67. The company had a trading volume of 453,700 shares, compared to its average volume of 543,508. The company has a market capitalization of $2.47 billion, a PE ratio of 12.46 and a beta of 1.64. The stock has a 50-day moving average price of $22.84 and a 200 day moving average price of $20.80. Oceaneering International, Inc. has a 52 week low of $15.46 and a 52 week high of $30.98. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.00 and a quick ratio of 1.67.

Oceaneering International (NYSE:OII - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.42 by $0.07. The business had revenue of $698.16 million during the quarter, compared to analyst estimates of $676.81 million. Oceaneering International had a return on equity of 22.09% and a net margin of 7.31%.The company's revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.28 earnings per share. On average, equities research analysts predict that Oceaneering International, Inc. will post 1.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Oceaneering International from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Citigroup raised their target price on shares of Oceaneering International from $20.00 to $25.00 and gave the stock a "neutral" rating in a report on Tuesday, September 9th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $27.00.

Insider Buying and Selling

In other Oceaneering International news, CFO Alan R. Curtis sold 14,840 shares of the firm's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $24.36, for a total transaction of $361,502.40. Following the completion of the transaction, the chief financial officer owned 155,259 shares of the company's stock, valued at approximately $3,782,109.24. This trade represents a 8.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.10% of the company's stock.

Oceaneering International Company Profile

Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. It operates through Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments.