Northern Trust Corp Cuts Stock Position in Oceaneering International, Inc. $OII

Key Points

• Northern Trust Corp has reduced its stake in Oceaneering International by 2.2%, selling 26,994 shares and now holding approximately 1.20% of the company valued at $26.3 million as of the latest SEC filing.
• Oceaneering International's stock has experienced a 52-week price range between $15.46 and $30.98, with a current market cap of $2.45 billion.
• Equities research analysts have downgraded Oceaneering International from a "buy" to a "hold" rating, with an average target price of $28.25.

Northern Trust Corp lowered its position in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,203,892 shares of the oil and gas company's stock after selling 26,994 shares during the period. Northern Trust Corp owned about 1.20% of Oceaneering International worth $26,257,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Oceaneering International by 29.7% during the first quarter. GAMMA Investing LLC now owns 3,104 shares of the oil and gas company's stock worth $68,000 after purchasing an additional 711 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Oceaneering International by 191.5% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,244 shares of the oil and gas company's stock worth $85,000 after purchasing an additional 2,131 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Oceaneering International during the fourth quarter worth about $119,000. Vestcor Inc bought a new stake in Oceaneering International during the first quarter worth about $156,000. Finally, Sherbrooke Park Advisers LLC bought a new stake in shares of Oceaneering International in the 4th quarter valued at about $200,000. Institutional investors own 93.93% of the company's stock.

Insider Activity

In other news, CFO Alan R. Curtis sold 14,840 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $24.36, for a total value 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 represents a 8.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.10% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OII. Barclays boosted their target price on Oceaneering International from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 1st. Wall Street Zen lowered Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $28.25.

Oceaneering International Stock Up 4.3%

Shares of NYSE:OII traded up $1.01 during trading on Thursday, hitting $24.70. The stock had a trading volume of 333,577 shares, compared to its average volume of 852,845. Oceaneering International, Inc. has a 12 month low of $15.46 and a 12 month high of $30.98. The company has a market capitalization of $2.48 billion, a PE ratio of 12.47 and a beta of 1.64. The firm's fifty day moving average is $22.16 and its 200 day moving average is $20.71. The company has a quick ratio of 1.67, a current ratio of 2.00 and a debt-to-equity ratio of 0.57.

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

About Oceaneering International

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.