Oceaneering International (NYSE:OII) Reaches New 52-Week High - Should You Buy?

Key Points

• Oceaneering International shares hit a new 52-week high, trading as high as $44.46 after rising about 3.9% intraday.
• Analysts remain cautious overall: several firms recently raised price targets, but the stock still carries a consensus Hold rating with an average target price of $38.33, below the current share price.
• The company’s latest quarter beat revenue estimates but missed EPS expectations, while insiders and institutional investors have been active in the stock, with hedge funds owning 93.93% of shares.

Oceaneering International, Inc. (NYSE:OII - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $44.46 and last traded at $44.41, with a volume of 176496 shares changing hands. The stock had previously closed at $42.82.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Barclays lifted their price objective on Oceaneering International from $32.00 to $39.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. TD Cowen raised their price target on shares of Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Oceaneering International in a research note on Friday, May 22nd. Finally, Citigroup boosted their price objective on shares of Oceaneering International from $35.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, June 18th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Oceaneering International has a consensus rating of "Hold" and an average target price of $38.33.

Oceaneering International Stock Up 3.9%

The company has a debt-to-equity ratio of 0.44, a current ratio of 2.08 and a quick ratio of 1.79. The firm has a market capitalization of $4.44 billion, a P/E ratio of 13.22 and a beta of 1.15. The company's 50-day simple moving average is $39.06 and its two-hundred day simple moving average is $35.43.

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 analysts' consensus estimates of $0.35 by ($0.05). The business had revenue of $692.43 million for 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 was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. As a group, research analysts expect that Oceaneering International, Inc. will post 1.89 earnings per share for the current year.

Insiders Place Their Bets

In other Oceaneering International news, CEO Roderick A. Larson sold 5,000 shares of the business's stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $38.27, for a total transaction of $191,350.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Oceaneering International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OII. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Oceaneering International by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,154 shares of the oil and gas company's stock worth $1,312,000 after acquiring an additional 2,633 shares during the period. Empowered Funds LLC boosted its position in shares of Oceaneering International by 1.9% in the first quarter. Empowered Funds LLC now owns 120,776 shares of the oil and gas company's stock worth $2,634,000 after purchasing an additional 2,310 shares during the period. Strs Ohio bought a new position in shares of Oceaneering International in the first quarter worth approximately $168,000. Norges Bank purchased a new stake in shares of Oceaneering International in the second quarter worth $1,485,000. Finally, Invesco Ltd. increased its stake in shares of Oceaneering International by 8.0% in the second quarter. Invesco Ltd. now owns 650,188 shares of the oil and gas company's stock worth $13,472,000 after purchasing an additional 48,382 shares in the last quarter. 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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