Oceaneering International, Inc. $OII Shares Sold by SIR Capital Management L.P.

Key Points

• SIR Capital Management cut its Oceaneering International stake by 55.9% in the fourth quarter, selling 152,400 shares and leaving it with 120,000 shares worth about $2.88 million.
• Other large investors remain heavily involved, with 93.93% of the stock owned by institutional investors and hedge funds; Vanguard, Morgan Stanley, and others also increased positions.
• Analysts are broadly cautious: the stock has a consensus Hold rating and average target price of $36.67, even as shares recently traded near $39.34 and the company reported mixed quarterly results.

SIR Capital Management L.P. reduced its position in Oceaneering International, Inc. (NYSE:OII - Free Report) by 55.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,000 shares of the oil and gas company's stock after selling 152,400 shares during the period. SIR Capital Management L.P. owned about 0.12% of Oceaneering International worth $2,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Oceaneering International by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company's stock valued at $297,279,000 after purchasing an additional 187,707 shares during the period. Morgan Stanley Institutional Investment Advisors LLC acquired a new position in shares of Oceaneering International in the 4th quarter valued at $94,847,000. American Century Companies Inc. lifted its stake in shares of Oceaneering International by 8.1% in the 3rd quarter. American Century Companies Inc. now owns 3,642,873 shares of the oil and gas company's stock valued at $90,270,000 after purchasing an additional 272,667 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Oceaneering International by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,477,068 shares of the oil and gas company's stock valued at $83,556,000 after purchasing an additional 191,117 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Oceaneering International by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 2,304,738 shares of the oil and gas company's stock valued at $55,396,000 after purchasing an additional 51,871 shares during the period. 93.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OII. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Zacks Research cut shares of Oceaneering International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Citigroup boosted their target price on shares of Oceaneering International from $25.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, March 10th. TD Cowen boosted their target price on shares of Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a research note on Thursday, April 30th. Finally, Barclays boosted their target price on shares of Oceaneering International from $32.00 to $39.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $36.67.

Oceaneering International Price Performance

Shares of NYSE OII opened at $39.34 on Friday. The firm has a 50-day simple moving average of $37.75 and a 200-day simple moving average of $32.74. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 11.67 and a beta of 1.16. The company has a quick ratio of 1.79, a current ratio of 2.08 and a debt-to-equity ratio of 0.44. Oceaneering International, Inc. has a 52 week low of $20.21 and a 52 week high of $40.21.

Oceaneering International (NYSE:OII - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.05). The business had revenue of $692.43 million during the quarter, compared to analyst estimates of $671.35 million. Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. Oceaneering International's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.43 earnings per share. On average, equities analysts predict that Oceaneering International, Inc. will post 1.89 earnings per share for the current fiscal year.

Insider Activity at Oceaneering International

In other news, CEO Roderick A. Larson sold 5,000 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $38.27, for a total value of $191,350.00. Following the completion of the sale, the chief executive officer directly owned 397,279 shares in the company, valued at $15,203,867.33. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.30% of the stock is owned by company insiders.

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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