Oceaneering International (NYSE:OII) Hits New 12-Month High - Here's Why

Key Points

• Oceaneering International shares hit a new 52-week high, rising as high as $43.92 during intraday trading and outperforming both its 50-day and 200-day moving averages.
• Recent analyst updates have been mixed but generally cautious: several firms raised price targets, while the stock’s overall consensus rating remains Hold with an average target price of $38.33.
• The company recently reported Q1 earnings that missed EPS estimates but beat revenue expectations, while institutional ownership remains very high at 93.93%.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $43.92 and last traded at $43.2380, with a volume of 837731 shares changing hands. The stock had previously closed at $42.10.

Analyst Ratings Changes

Several analysts have recently weighed in on OII shares. Weiss Ratings reiterated a "buy (b-)" rating on shares of Oceaneering International in a research report on Friday, May 22nd. Barclays increased 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 report on Friday, May 8th. Citigroup raised their price target on shares of Oceaneering International from $35.00 to $40.00 and gave the stock a "neutral" rating in a research note on Thursday, June 18th. Finally, TD Cowen upped their price objective on Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a research note on Thursday, April 30th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $38.33.

Oceaneering International Stock Performance

The stock has a 50-day moving average of $38.51 and a 200 day moving average of $34.78. The firm has a market capitalization of $4.31 billion, a P/E ratio of 12.83 and a beta of 1.15. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.79 and a current ratio of 2.08.

Oceaneering International (NYSE:OII - Get Free Report) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.05). The business had revenue of $692.43 million during the quarter, compared to the consensus estimate of $671.35 million. Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, research analysts anticipate that Oceaneering International, Inc. will post 1.89 earnings per share for the current year.

Insider Activity

In related news, CEO Roderick A. Larson sold 5,000 shares of Oceaneering International 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 completion of the transaction, the chief executive officer directly owned 397,279 shares of the company's stock, valued at $15,203,867.33. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Oceaneering International

A number of institutional investors have recently modified their holdings of OII. Vanguard Group Inc. lifted its position in shares of Oceaneering International by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company's stock worth $297,279,000 after purchasing an additional 187,707 shares in the last quarter. State Street Corp raised its position in Oceaneering International by 4.9% in the 4th quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company's stock worth $111,673,000 after purchasing an additional 215,366 shares during the last quarter. Morgan Stanley Institutional Investment Advisors LLC bought a new position in Oceaneering International in the 4th quarter worth approximately $94,847,000. Dimensional Fund Advisors LP raised its position in Oceaneering International by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,477,068 shares of the oil and gas company's stock worth $83,556,000 after purchasing an additional 191,117 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Oceaneering International by 2.3% during the 4th quarter. Geode Capital Management LLC now owns 2,304,738 shares of the oil and gas company's stock worth $55,396,000 after buying an additional 51,871 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

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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