Oceaneering International (NYSE:OII) Announces Quarterly Earnings Results

Key Points

• Oceaneering International reported quarterly EPS of $0.63, beating analyst expectations of $0.46 by $0.17. The company also posted a net margin of 12.12% and return on equity of 18.35%.
• The stock rose 0.8% to $45.00 after the earnings release, near its 52-week high of $45.91. It was trading with a market cap of $4.49 billion and a P/E ratio of 13.35.
• Wall Street sentiment remains mixed, with a consensus rating of Hold and an average target price of $38.33. Several firms recently raised price targets, while CEO Roderick A. Larson also sold 5,000 shares in May.

Oceaneering International (NYSE:OII - Get Free Report) issued its quarterly earnings results on Wednesday. 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, FiscalAI reports. Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%.

Oceaneering International Stock Up 0.8%

Oceaneering International stock traded up $0.35 during midday trading on Wednesday, reaching $45.00. The company's stock had a trading volume of 1,312,132 shares, compared to its average volume of 1,168,523. The company has a market cap of $4.49 billion, a P/E ratio of 13.35 and a beta of 1.15. The company has a quick ratio of 1.79, a current ratio of 2.08 and a debt-to-equity ratio of 0.44. The business has a 50-day simple moving average of $39.19 and a 200-day simple moving average of $35.57. Oceaneering International has a fifty-two week low of $20.79 and a fifty-two week high of $45.91.

Analysts Set New Price Targets

A number of brokerages recently weighed in on OII. TD Cowen lifted their price objective on shares of Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a report on Thursday, April 30th. Weiss Ratings reissued a "buy (b-)" rating on shares of Oceaneering International in a research report on Friday, May 22nd. Barclays boosted their price target on shares of Oceaneering International from $32.00 to $39.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Finally, Citigroup upped their price objective on Oceaneering International from $35.00 to $40.00 and gave the stock a "neutral" rating in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Oceaneering International has a consensus rating of "Hold" and an average target price of $38.33.

Insider Activity

In other news, CEO Roderick A. Larson sold 5,000 shares of the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $38.27, for a total value of $191,350.00. Following the transaction, the chief executive officer owned 397,279 shares in the company, valued at approximately $15,203,867.33. This represents a 1.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.30% of the company's stock.

Institutional Trading of Oceaneering International

Several institutional investors have recently modified their holdings of OII. Wilmington Savings Fund Society FSB acquired a new stake in shares of Oceaneering International in the 3rd quarter valued at about $28,000. Quarry LP acquired a new stake in Oceaneering International during the 3rd quarter worth $30,000. EverSource Wealth Advisors LLC boosted its stake in Oceaneering International by 335.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company's stock worth $30,000 after purchasing an additional 1,111 shares during the period. Smartleaf Asset Management LLC grew its position in Oceaneering International by 33.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,995 shares of the oil and gas company's stock worth $62,000 after purchasing an additional 747 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Oceaneering International in the fourth quarter valued at $80,000. Hedge funds and other institutional investors own 93.93% 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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