Panagora Asset Management Inc. Acquires 140,592 Shares of Oceaneering International, Inc. $OII

Key Points

• Panagora Asset Management increased its holdings in Oceaneering International by 705.7%, owning 160,513 shares worth approximately $3.50 million as of the end of the latest quarter.
• Oceaneering International's stock is currently rated as a "Hold" by most analysts, with an average target price of $28.25, after recent downgrades and upgrades from various brokerage firms.
• The company's latest earnings report showed a net margin of 7.31% and a revenue increase to $698.16 million, beating analysts' expectations.

Panagora Asset Management Inc. raised its stake in shares of Oceaneering International, Inc. (NYSE:OII - Free Report) by 705.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,513 shares of the oil and gas company's stock after acquiring an additional 140,592 shares during the period. Panagora Asset Management Inc. owned about 0.16% of Oceaneering International worth $3,501,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Oceaneering International by 29.7% in the first quarter. GAMMA Investing LLC now owns 3,104 shares of the oil and gas company's stock valued at $68,000 after acquiring an additional 711 shares during the last quarter. Foundry Partners LLC lifted its stake in Oceaneering International by 8.5% in the first quarter. Foundry Partners LLC now owns 13,918 shares of the oil and gas company's stock valued at $304,000 after purchasing an additional 1,096 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Oceaneering International by 12.8% during the first quarter. PNC Financial Services Group Inc. now owns 11,102 shares of the oil and gas company's stock valued at $242,000 after purchasing an additional 1,256 shares during the period. Central Pacific Bank Trust Division increased its position in Oceaneering International by 17.6% in the first quarter. Central Pacific Bank Trust Division now owns 9,230 shares of the oil and gas company's stock worth $201,000 after buying an additional 1,380 shares during the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Oceaneering International by 2.1% in the fourth quarter. Stifel Financial Corp now owns 70,418 shares of the oil and gas company's stock valued at $1,837,000 after buying an additional 1,475 shares during the period. Hedge funds and other institutional investors own 93.93% of the company's stock.

Oceaneering International Price Performance

Shares of Oceaneering International stock traded down $0.65 during trading on Friday, hitting $24.03. The stock had a trading volume of 543,816 shares, compared to its average volume of 852,930. The company has a current ratio of 2.00, a quick ratio of 1.67 and a debt-to-equity ratio of 0.57. Oceaneering International, Inc. has a 12 month low of $15.46 and a 12 month high of $30.98. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 12.14 and a beta of 1.64. The business's 50-day moving average is $22.24 and its 200 day moving average is $20.71.

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

Analyst Ratings Changes

Several brokerages recently weighed in on OII. Wall Street Zen lowered Oceaneering International from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Barclays lifted 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. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.25.

Insiders Place Their Bets

In other Oceaneering International news, CFO Alan R. Curtis sold 14,840 shares of Oceaneering International stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $24.36, for a total transaction of $361,502.40. Following the completion of the sale, the chief financial officer directly owned 155,259 shares in the company, valued at $3,782,109.24. The trade was a 8.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.10% of the stock is owned by corporate insiders.

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.