Oceaneering International (NYSE:OII) Price Target Raised to $39.00

Key Points

• Barclays raised its price target on Oceaneering to $39.00 (from $32.00), implying about a 5.4% upside, while the stock's consensus rating remains a Hold with an average target of $36.67.
• Oceaneering reported Q earnings of $0.30 EPS (missing the $0.35 consensus) but beat revenue expectations with $692.4M; the stock traded near $37.01, has a market cap of $3.69B and a P/E of about 11.
• Insiders have sold roughly 111,689 shares valued at about $4.2M in the past 90 days, while institutional investors own about 93.9% of the company.

Oceaneering International (NYSE:OII - Get Free Report) had its price objective lifted by investment analysts at Barclays from $32.00 to $39.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the oil and gas company's stock. Barclays's target price would suggest a potential upside of 5.38% from the stock's previous close.

Several other analysts have also commented on OII. Citigroup increased their price target on shares of Oceaneering International from $25.00 to $35.00 and gave the company a "neutral" rating in a research report on Tuesday, March 10th. Zacks Research cut shares of Oceaneering International from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 5th. Weiss Ratings raised shares of Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. TD Cowen increased their price objective 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 lowered shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $36.67.

Oceaneering International Price Performance

Shares of OII traded up $0.43 during midday trading on Friday, hitting $37.01. 508,656 shares of the company traded hands, compared to its average volume of 1,247,068. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.79 and a current ratio of 2.08. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 10.97 and a beta of 1.17. Oceaneering International has a 52 week low of $18.45 and a 52 week high of $40.12. The firm has a 50 day moving average of $36.14 and a 200-day moving average of $30.06.

Oceaneering International (NYSE:OII - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.05). The firm had revenue of $692.43 million during the quarter, compared to analysts' expectations 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 was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.43 EPS. On average, analysts forecast that Oceaneering International will post 1.89 EPS for the current fiscal year.

Insider Buying and Selling at Oceaneering International

In other Oceaneering International news, SVP Jennifer Fremont Simons sold 10,284 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $38.96, for a total value of $400,664.64. Following the completion of the sale, the senior vice president owned 35,387 shares of the company's stock, valued at $1,378,677.52. This trade represents a 22.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Earl Childress sold 22,518 shares of the company's stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total transaction of $842,398.38. Following the completion of the sale, the senior vice president directly owned 35,577 shares in the company, valued at $1,330,935.57. This represents a 38.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,689 shares of company stock valued at $4,204,360. 1.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OII. Wilmington Savings Fund Society FSB acquired a new stake in Oceaneering International during the third quarter worth about $28,000. Quarry LP acquired a new position in Oceaneering International during the third quarter valued at $30,000. SBI Securities Co. Ltd. increased its stake in Oceaneering International by 255.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company's stock valued at $34,000 after buying an additional 1,000 shares during the period. EverSource Wealth Advisors LLC increased its position in Oceaneering International by 335.6% in 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 last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new position in shares of Oceaneering International during the 1st quarter valued at $53,000. Institutional investors and hedge funds own 93.93% of the company's stock.

About Oceaneering International

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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