Oceaneering International (NYSE:OII) Hits New 52-Week High After Analyst Upgrade

Key Points

• Oceaneering International shares reached a new 52-week high of $53.98 after Barclays raised its price target from $39 to $47, though it maintained an equal-weight rating.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a consensus price target of $41, below its recent trading level.
• Institutional investors own 93.93% of the company, while CEO Roderick A. Larson recently sold 5,000 shares worth approximately $191,350.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) shares hit a new 52-week high during mid-day trading on Monday after Barclays raised their price target on the stock from $39.00 to $47.00. Barclays currently has an equal weight rating on the stock. Oceaneering International traded as high as $53.98 and last traded at $53.97, with a volume of 96378 shares trading hands. The stock had previously closed at $52.73.

Other analysts have also recently issued research reports about the stock. Citigroup increased their price objective on shares of Oceaneering International from $35.00 to $40.00 and gave the stock a "neutral" rating in a report on Thursday, June 18th. Weiss Ratings reissued a "buy (b-)" rating on shares of Oceaneering International in a research note on Friday, May 22nd. TD Cowen upped their target price on shares of Oceaneering International from $34.00 to $36.00 and gave the stock a "hold" rating in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Oceaneering International from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Oceaneering International currently has an average rating of "Hold" and an average price target of $41.00.

Insider Activity

In other news, CEO Roderick A. Larson sold 5,000 shares of the stock in a transaction on 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 owned 397,279 shares of the company's stock, valued at approximately $15,203,867.33. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Oceaneering International

Several large investors have recently bought and sold shares of OII. Vanguard Group Inc. lifted its stake in shares of Oceaneering International by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company's stock worth $297,279,000 after acquiring an additional 187,707 shares during the period. State Street Corp increased its stake in shares of Oceaneering International by 4.9% during the fourth quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company's stock valued at $111,673,000 after acquiring an additional 215,366 shares during the period. Morgan Stanley Institutional Investment Advisors LLC bought a new stake in Oceaneering International during the fourth quarter worth approximately $94,847,000. Dimensional Fund Advisors LP raised its holdings in Oceaneering International by 5.8% during the fourth 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 in the last quarter. Finally, Geode Capital Management LLC lifted its position in Oceaneering International by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 2,304,738 shares of the oil and gas company's stock worth $55,396,000 after purchasing an additional 51,871 shares during the period. Institutional investors and hedge funds own 93.93% of the company's stock.

Oceaneering International Price Performance

The business has a 50-day simple moving average of $39.81 and a two-hundred day simple moving average of $36.07. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 15.34 and a beta of 1.15.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.