Oceaneering International (NYSE:OII) Announces Earnings Results

Key Points

• Oceaneering International reported an earnings per share (EPS) of $0.55 for the quarter, exceeding the consensus estimate of $0.42 by $0.13.
• The company's stock price increased by 4.7% to $24.75 following the earnings announcement, with a market capitalization of $2.48 billion.
• Analysts have mixed ratings for Oceaneering International, with a consensus rating of "Hold" and a price target of $27.00.

Oceaneering International (NYSE:OII - Get Free Report) announced its quarterly earnings results on Wednesday. The oil and gas company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.42 by $0.13, Zacks reports. Oceaneering International had a net margin of 7.31% and a return on equity of 22.09%.

Oceaneering International Trading Up 4.7%

OII stock traded up $1.11 during mid-day trading on Wednesday, reaching $24.75. 798,035 shares of the stock traded hands, compared to its average volume of 814,344. Oceaneering International has a one year low of $15.46 and a one year high of $30.98. The stock has a market capitalization of $2.48 billion, a PE ratio of 12.50 and a beta of 1.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.67 and a current ratio of 2.00. The business has a 50-day moving average price of $23.92 and a two-hundred day moving average price of $21.34.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Barclays lifted their target price on Oceaneering International from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Wall Street Zen downgraded Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Oceaneering International in a report on Wednesday, October 8th. Finally, Citigroup raised their target price on shares of Oceaneering International from $20.00 to $25.00 and gave the company a "neutral" rating in a report on Tuesday, September 9th. One research analyst has rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $27.00.

Insider Activity

In related news, CFO Alan R. Curtis sold 14,840 shares of Oceaneering International stock in a transaction dated 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 transaction, the chief financial officer directly owned 155,259 shares of the company's stock, valued at approximately $3,782,109.24. The trade was a 8.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.10% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OII. Balyasny Asset Management L.P. grew its stake in shares of 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 valued at $28,219,000 after buying an additional 1,227,950 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Oceaneering International by 29.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 812,325 shares of the oil and gas company's stock valued at $16,831,000 after acquiring an additional 182,825 shares during the period. Invesco Ltd. grew its position in Oceaneering International by 8.0% in the 2nd quarter. Invesco Ltd. now owns 650,188 shares of the oil and gas company's stock valued at $13,472,000 after acquiring an additional 48,382 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in Oceaneering International by 15.7% in the second quarter. Cubist Systematic Strategies LLC now owns 473,228 shares of the oil and gas company's stock worth $9,805,000 after purchasing an additional 64,384 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Oceaneering International by 19.0% during the second quarter. Sei Investments Co. now owns 459,733 shares of the oil and gas company's stock worth $9,526,000 after purchasing an additional 73,469 shares during the last quarter. Hedge funds and other institutional investors own 93.93% of the company's stock.

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.

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