Oceaneering International (NYSE:OII) Posts Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Oceaneering missed Q‑reporting estimates: the company posted EPS of $0.30, $0.03 below consensus and down from $0.43 a year ago, while revenue rose 2.7% year‑over‑year; net margin was 12.71% with a ROE of 21.58%.
• The stock traded up about 1.8% to $38.49 after the release; the shares carry a market cap of $3.84 billion, a PE of 11.0, and sit above their 50‑day ($35.56) and 200‑day ($29.05) moving averages.
• Insiders materially sold shares (111,689 shares worth ~$4.2M in the last quarter, including recent SVP sales), institutional ownership is very high (~93.9%), and analysts show mixed views with a consensus Hold rating and a $33.67 average target.

Oceaneering International (NYSE:OII - Get Free Report) issued its quarterly earnings data on Wednesday. The oil and gas company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.33 by ($0.03), FiscalAI reports. Oceaneering International had a net margin of 12.71% and a return on equity of 21.58%. During the same period last year, the business posted $0.43 EPS. The company's quarterly revenue was up 2.7% on a year-over-year basis.

Oceaneering International Trading Up 1.8%

OII stock traded up $0.67 during midday trading on Wednesday, hitting $38.49. 1,537,470 shares of the company's stock were exchanged, compared to its average volume of 1,260,589. The stock's fifty day moving average price is $35.56 and its 200-day moving average price is $29.05. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.72 and a current ratio of 1.99. The company has a market cap of $3.84 billion, a PE ratio of 11.00 and a beta of 1.18. Oceaneering International has a one year low of $16.83 and a one year high of $39.49.

Insider Activity

In related news, SVP Jennifer Fremont Simons sold 10,284 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $38.96, for a total transaction of $400,664.64. Following the sale, the senior vice president owned 35,387 shares in the company, valued at approximately $1,378,677.52. This represents a 22.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Holly Kriendler sold 19,007 shares of the company's stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $37.73, for a total value of $717,134.11. Following the sale, the senior vice president owned 30,500 shares in the company, valued at $1,150,765. The trade was a 38.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 111,689 shares of company stock valued at $4,204,360. Company insiders own 1.30% of the company's stock.

Institutional Trading of Oceaneering International

Several institutional investors and hedge funds have recently bought and sold shares of OII. Balyasny Asset Management L.P. raised its stake in Oceaneering International by 916.6% in 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 period. Old West Investment Management LLC raised its stake in Oceaneering International by 128.2% in the fourth quarter. Old West Investment Management LLC now owns 543,271 shares of the oil and gas company's stock valued at $13,055,000 after buying an additional 305,168 shares during the period. SIR Capital Management L.P. bought a new stake in Oceaneering International in the third quarter valued at approximately $6,750,000. Granite Investment Partners LLC bought a new stake in Oceaneering International in the fourth quarter valued at approximately $5,728,000. Finally, SummitTX Capital L.P. bought a new stake in Oceaneering International in the third quarter valued at approximately $5,620,000. Institutional investors own 93.93% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on OII shares. Barclays increased their target price on Oceaneering International from $23.00 to $32.00 and gave the company an "equal weight" rating in a research note on Monday, February 23rd. Zacks Research cut Oceaneering International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Weiss Ratings raised Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Wall Street Zen cut Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Finally, Citigroup lifted their target price on Oceaneering International from $25.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $33.67.

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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