Van ECK Associates Corp Decreases Stock Position in Oceaneering International, Inc. $OII

Key Points

• Van ECK Associates reduced its Oceaneering International stake by 10.3% in the second quarter, selling 211,561 shares while retaining 1.85 million shares worth approximately $75 million. Institutional investors and hedge funds collectively own 93.93% of OII.
• Oceaneering reported stronger-than-expected quarterly results, with EPS of $0.63 versus the $0.46 consensus and revenue of $768.18 million, up 10% year over year. The stock opened at $50.62, near its 52-week high of $54.25.
• Analyst sentiment remains cautious, with one Buy rating and four Holds, producing an average “Hold” rating and a $45 price target. Company insiders also sold 26,901 shares worth about $1.28 million over the past 90 days.

Van ECK Associates Corp cut its position in Oceaneering International, Inc. (NYSE:OII - Free Report) by 10.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,849,926 shares of the oil and gas company's stock after selling 211,561 shares during the period. Van ECK Associates Corp owned 1.86% of Oceaneering International worth $74,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Oceaneering International in the 2nd quarter valued at $664,659,000. Morgan Stanley Institutional Investment Advisors LLC acquired a new stake in shares of Oceaneering International in the fourth quarter valued at about $94,847,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Oceaneering International in the second quarter worth about $92,100,000. Reinhart Partners LLC. purchased a new position in shares of Oceaneering International in the second quarter worth about $66,795,000. Finally, Balyasny Asset Management L.P. boosted its position in Oceaneering International by 916.6% during the second quarter. Balyasny Asset Management L.P. now owns 1,361,917 shares of the oil and gas company's stock worth $28,219,000 after acquiring an additional 1,227,950 shares during the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

Oceaneering International Stock Performance

Oceaneering International stock opened at $50.62 on Friday. The firm has a 50 day simple moving average of $45.90 and a 200-day simple moving average of $39.84. Oceaneering International, Inc. has a 1-year low of $22.02 and a 1-year high of $54.25. 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 stock has a market cap of $5.04 billion, a price-to-earnings ratio of 14.55 and a beta of 1.15.

Oceaneering International (NYSE:OII - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping 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 last year, the firm earned $0.49 EPS. The business's revenue was up 10.0% compared to the same quarter last year. On average, analysts expect that Oceaneering International, Inc. will post 2.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Barclays increased their price objective on shares of Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. Weiss Ratings lowered Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Wall Street Zen cut Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Citigroup lifted their price objective on Oceaneering International from $40.00 to $52.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Oceaneering International has an average rating of "Hold" and an average price target of $45.00.

Insiders Place Their Bets

In other news, SVP Earl Childress sold 12,701 shares of the stock in a transaction on Thursday, July 30th. The stock was 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 directly owned 22,876 shares in the company, valued at approximately $1,068,537.96. This represents a 35.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul B. Murphy, Jr. sold 10,000 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $48.37, for a total value of $483,700.00. Following the sale, the director directly owned 68,916 shares of the company's stock, valued at $3,333,466.92. The trade was a 12.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 26,901 shares of company stock worth $1,277,904 over the last ninety days. Company insiders own 1.30% of the company's stock.

Oceaneering International Company 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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