Hennessy Advisors Inc. Takes Position in Oceaneering International, Inc. $OII

Key Points

• Hennessy Advisors acquired 267,086 shares of Oceaneering International worth approximately $10.8 million, while institutional investors collectively own 93.93% of the company.
• Oceaneering reported quarterly EPS of $0.63, beating estimates by $0.17, with revenue of $768.18 million, up 10% year over year.
• Analysts maintain a broadly neutral outlook, with an average rating of “Hold” and a consensus price target of $45, below the stock’s reported $50.62 price; insiders also sold 26,901 shares in the latest quarter.

Hennessy Advisors Inc. acquired a new position in Oceaneering International, Inc. (NYSE:OII - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 267,086 shares of the oil and gas company's stock, valued at approximately $10,822,000. Hennessy Advisors Inc. owned 0.27% of Oceaneering International as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. EP Wealth Advisors LLC acquired a new position in Oceaneering International during the 2nd quarter worth $855,000. Great Lakes Advisors LLC acquired a new position in shares of Oceaneering International during the second quarter valued at $445,000. Leuthold Group LLC bought a new stake in shares of Oceaneering International during the fourth quarter valued at about $3,548,000. Fifth Third Bancorp increased its stake 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 valued at $1,047,000 after buying an additional 29,097 shares during the period. Finally, Brandywine Global Investment Management LLC bought a new stake in shares of Oceaneering International during the 4th quarter worth about $5,489,000. 93.93% of the stock is currently owned by institutional investors.

Oceaneering International Stock Performance

OII opened at $50.62 on Friday. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42. The firm has a market cap of $5.04 billion, a PE ratio of 14.55 and a beta of 1.15. The business has a fifty day simple moving average of $45.90 and a 200-day simple moving average of $39.84. Oceaneering International, Inc. has a fifty-two week low of $22.02 and a fifty-two week high of $54.25.

Oceaneering International (NYSE:OII - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 18.40% and a net margin of 12.19%.Oceaneering International's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.49 earnings per share. As a group, equities analysts predict that Oceaneering International, Inc. will post 2.1 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on OII shares. Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings cut Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Citigroup upped their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a report on Tuesday, August 11th. Finally, Barclays raised their target price on Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $45.00.

Insider Activity

In related news, SVP Earl Childress sold 12,701 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $46.71, for a total value of $593,263.71. Following the completion of the sale, the senior vice president owned 22,876 shares in the company, valued at approximately $1,068,537.96. This represents a 35.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Christopher J. Dyer sold 1,200 shares of Oceaneering International stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $47.65, for a total transaction of $57,180.00. Following the transaction, the senior vice president owned 14,702 shares in the company, valued at approximately $700,550.30. The trade was a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 26,901 shares of company stock worth $1,277,904 in the last quarter. Insiders own 1.30% of the company's stock.

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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