Oceaneering International, Inc. $OII Shares Sold by Earnest Partners LLC

Key Points

• Earnest Partners LLC reduced its stake in Oceaneering International by 22.4%, selling 1,220,278 shares and maintaining ownership of approximately 4.19% of the company, valued at $91.98 million.
• Other institutional investors have increased their holdings, with Brown Advisory Inc. boosting its stake by 27.6%, now owning over 6.5 million shares valued at $142.77 million.
• Oceaneering International reported $0.49 earnings per share for the last quarter, exceeding expectations, along with a revenue increase of 4.5% year-over-year to $698.16 million.

Earnest Partners LLC lowered its position in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) by 22.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,217,394 shares of the oil and gas company's stock after selling 1,220,278 shares during the period. Earnest Partners LLC owned 4.19% of Oceaneering International worth $91,981,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of OII. GAMMA Investing LLC grew its stake in shares of 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 in the last quarter. Tower Research Capital LLC TRC grew its stake in shares of 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Oceaneering International during the fourth quarter worth $119,000. Vestcor Inc acquired a new position in shares of Oceaneering International during the first quarter worth $156,000. Finally, Sherbrooke Park Advisers LLC purchased a new position in shares of Oceaneering International during the fourth quarter worth about $200,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OII shares. Barclays increased their target price on shares of Oceaneering International from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 1st. Wall Street Zen downgraded shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Oceaneering International currently has an average rating of "Hold" and an average target price of $28.25.

Insider Transactions at Oceaneering International

In other Oceaneering International news, CFO Alan R. Curtis sold 14,840 shares of the stock in a transaction dated Wednesday, August 27th. The shares were 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 directly 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 is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Oceaneering International Price Performance

Oceaneering International stock traded down $0.19 during mid-day trading on Friday, reaching $24.41. The company had a trading volume of 483,970 shares, compared to its average volume of 676,092. Oceaneering International, Inc. has a 1 year low of $15.46 and a 1 year 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. The company has a market capitalization of $2.45 billion, a P/E ratio of 12.33 and a beta of 1.55. The stock's 50-day simple moving average is $21.95 and its 200-day simple moving average is $20.73.

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

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.