Oceaneering International (NYSE:OII) Price Target Raised to $52.00 at Citigroup

Key Points

• Citigroup raised Oceaneering International’s price target to $52 from $40 while maintaining a “neutral” rating, implying roughly 2.5% upside from the prior close.
• Analyst sentiment remains cautious: Oceaneering has an average “Hold” rating and a consensus target price of $45, despite target increases from TD Cowen and Barclays.
• OII shares traded at $50.71, near their 52-week high of $53.98. Insiders sold 31,901 shares worth approximately $1.47 million over the past 90 days, while institutional investors own 93.93% of the stock.

Oceaneering International (NYSE:OII - Get Free Report) had its price target increased by equities research analysts at Citigroup from $40.00 to $52.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Citigroup's target price would suggest a potential upside of 2.54% from the company's previous close.

Several other brokerages have also issued reports on OII. Wall Street Zen lowered Oceaneering International from a "buy" rating to a "hold" rating in a research note on Saturday. TD Cowen lifted their price objective on Oceaneering International from $34.00 to $36.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. Weiss Ratings upgraded Oceaneering International from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 28th. Finally, Barclays upped their price objective on shares of Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a report on Monday, July 27th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Oceaneering International presently has an average rating of "Hold" and a consensus target price of $45.00.

Oceaneering International Stock Performance

Oceaneering International stock traded down $0.41 during trading on Tuesday, hitting $50.71. The stock had a trading volume of 230,158 shares, compared to its average volume of 1,176,349. Oceaneering International has a 1 year low of $21.45 and a 1 year high of $53.98. 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's 50 day moving average is $42.13 and its two-hundred day moving average is $37.79. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 14.55 and a beta of 1.15.

Insider Buying and Selling

In other Oceaneering International news, SVP Christopher J. Dyer sold 1,200 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $47.65, for a total value of $57,180.00. Following the sale, the senior vice president owned 14,702 shares in the company, valued at $700,550.30. The trade was a 7.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Roderick A. Larson sold 5,000 shares of the firm's stock in a transaction dated Monday, May 18th. The shares were 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 of the company's stock, valued at approximately $15,203,867.33. The trade was a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,901 shares of company stock worth $1,469,254 in the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in Oceaneering International during the third quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake in Oceaneering International by 335.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 1,111 shares during the last quarter. Quarry LP purchased a new stake in Oceaneering International during the third quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Oceaneering International in the 1st quarter valued at approximately $53,000. Finally, Hantz Financial Services Inc. boosted its holdings in shares of Oceaneering International by 248.8% in the 4th quarter. Hantz Financial Services Inc. now owns 2,281 shares of the oil and gas company's stock worth $55,000 after purchasing an additional 1,627 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

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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