Legal & General Group Plc Acquires Shares of 242,503 Oceaneering International, Inc. $OII

Key Points

• Legal & General Group Plc acquired 242,503 shares of Oceaneering International during the second quarter, valued at approximately $9.8 million and representing 0.24% of the company. Institutional investors collectively own 93.93% of OII.
• Oceaneering reported quarterly earnings of $0.63 per share, exceeding estimates of $0.46, while revenue rose 10% year over year to $768.18 million. The stock opened at $51.73, near its 52-week high of $54.25.
• Analyst sentiment remains cautious, with one Buy rating and four Hold ratings and an average price target of $45.00. Company insiders sold 26,901 shares worth approximately $1.28 million over the past three months.

Legal & General Group Plc acquired a new stake in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 242,503 shares of the oil and gas company's stock, valued at approximately $9,826,000. Legal & General Group Plc owned 0.24% of Oceaneering International as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OII. The Manufacturers Life Insurance Company acquired a new stake in Oceaneering International during the 2nd quarter valued at $1,988,000. Morgan Stanley Institutional Investment Advisors LLC purchased a new position in Oceaneering International in the 2nd quarter valued at about $124,235,000. Ranger Investment Management L.P. purchased a new position in Oceaneering International in the 2nd quarter valued at about $31,510,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Oceaneering International during the second quarter valued at about $92,100,000. Finally, Globeflex Capital L P purchased a new stake in shares of Oceaneering International during the second quarter worth about $295,000. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Oceaneering International Stock Performance

Shares of NYSE OII opened at $51.73 on Tuesday. Oceaneering International, Inc. has a 1 year low of $22.02 and a 1 year high of $54.25. The firm has a market cap of $5.15 billion, a P/E ratio of 14.86 and a beta of 1.15. The stock has a fifty day moving average price of $46.22 and a two-hundred day moving average price of $40.02. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.90 and a current ratio of 2.18.

Oceaneering International (NYSE:OII - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.17. Oceaneering International had a return on equity of 18.40% and a net margin of 12.19%.The business 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 company's revenue was up 10.0% on a year-over-year basis. Research analysts forecast that Oceaneering International, Inc. will post 2.1 EPS for the current fiscal year.

Insider Buying and Selling at Oceaneering International

In related news, SVP Earl Childress sold 12,701 shares of the stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $46.71, for a total value of $593,263.71. Following the completion of the transaction, the senior vice president owned 22,876 shares in the company, valued at $1,068,537.96. This trade represents a 35.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of Oceaneering International stock in a transaction that occurred 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 26,901 shares of company stock valued at $1,277,904. 1.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Oceaneering International 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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