The Manufacturers Life Insurance Company Makes New $1.99 Million Investment in Oceaneering International, Inc. $OII

Key Points

• The Manufacturers Life Insurance Company acquired 49,067 shares of Oceaneering International worth approximately $1.99 million in the second quarter. Institutional investors collectively own 93.93% of OII’s outstanding shares.
• Oceaneering reported quarterly EPS of $0.63, beating estimates of $0.46, while revenue rose 10% year over year to $768.18 million. Analysts expect the company to post $2.10 in EPS for the current year.
• OII shares opened at $51.65, near their 52-week high of $54.25, but analyst sentiment remains cautious with an average “Hold” rating and a consensus price target of $45.00. Insiders sold 26,901 shares worth roughly $1.28 million over the past three months.

The Manufacturers Life Insurance Company bought a new position in Oceaneering International, Inc. (NYSE:OII - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 49,067 shares of the oil and gas company's stock, valued at approximately $1,988,000.

Several other large investors have also recently bought and sold shares of OII. Wilmington Savings Fund Society FSB acquired a new stake in shares of Oceaneering International during the third quarter valued at about $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Oceaneering International by 335.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company's stock valued at $30,000 after buying an additional 1,111 shares during the period. Quarry LP acquired a new position in shares of Oceaneering International in the third quarter valued at approximately $30,000. Allworth Financial LP bought a new position in Oceaneering International in the 2nd quarter valued at approximately $42,000. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in Oceaneering International in the 1st quarter valued at approximately $53,000. 93.93% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Paul B. Murphy, Jr. sold 10,000 shares of Oceaneering International stock in a transaction on Friday, August 7th. The shares were sold at an average price of $48.37, for a total transaction of $483,700.00. Following the completion of the transaction, the director owned 68,916 shares of the company's stock, valued at $3,333,466.92. This trade represents a 12.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Earl Childress sold 12,701 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $46.71, for a total transaction of $593,263.71. Following the completion of the transaction, the senior vice president owned 22,876 shares in the company, valued at approximately $1,068,537.96. The trade was a 35.70% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 26,901 shares of company stock valued at $1,277,904. 1.30% of the stock is owned by corporate insiders.

Oceaneering International Price Performance

Oceaneering International stock opened at $51.65 on Thursday. The stock's 50 day moving average is $46.83 and its 200 day moving average is $40.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.18 and a quick ratio of 1.90. The firm has a market cap of $5.14 billion, a P/E ratio of 14.84 and a beta of 1.17. Oceaneering International, Inc. has a one year low of $22.02 and a one year high of $54.25.

Oceaneering International (NYSE:OII - Get Free Report) last released its earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share for the quarter, beating analysts' consensus estimates of $0.46 by $0.17. Oceaneering International had a net margin of 12.19% and a return on equity of 18.40%. The business had revenue of $768.18 million during the quarter, compared to the consensus estimate of $735.69 million. During the same quarter in the prior year, the firm posted $0.49 EPS. The company's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, research analysts expect that Oceaneering International, Inc. will post 2.1 EPS for the current year.

Analyst Ratings Changes

OII has been the topic of a number of research reports. Weiss Ratings raised shares of Oceaneering International from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday. Citigroup raised their price target on shares of Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Wall Street Zen lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Barclays boosted their price objective on shares of Oceaneering International from $39.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Oceaneering International currently has an average rating of "Hold" and a consensus 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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