Oceaneering International (NYSE:OII) Sets New 12-Month High - Here's What Happened

Key Points

• Oceaneering International shares hit a new 52-week high intraday at $39.49 (last $38.49) on heavy volume (~1.54M shares), trading well above its 50- and 200-day moving averages of $35.64 and $29.12.
• The latest quarter was mixed: EPS of $0.30 missed estimates of $0.35 while revenue of $692.4M topped expectations, and analyst coverage is mixed with a consensus "Hold" and a $33.67 target despite several firms raising their price targets.
• Company insiders have been net sellers (111,689 shares worth about $4.2M in the last 90 days) even as institutional ownership is very high at roughly 93.9%; the stock has a market cap of ~$3.84B and a P/E of 11.00.

Oceaneering International, Inc. (NYSE:OII - Get Free Report)'s share price reached a new 52-week high during trading on Thursday . The company traded as high as $39.49 and last traded at $38.4940, with a volume of 1537470 shares changing hands. The stock had previously closed at $37.82.

Analysts Set New Price Targets

OII has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a research note on Sunday, March 1st. Barclays boosted their target price on shares of Oceaneering International from $23.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Monday, February 23rd. Zacks Research cut shares of Oceaneering International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 5th. Finally, TD Cowen boosted their target price on shares of Oceaneering International from $28.00 to $34.00 and gave the stock a "hold" rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $33.67.

Oceaneering International Price Performance

The company has a quick ratio of 1.72, a current ratio of 1.99 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $3.84 billion, a PE ratio of 11.00 and a beta of 1.18. The company has a 50-day moving average of $35.64 and a 200 day moving average of $29.12.

Oceaneering International (NYSE:OII - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.05). Oceaneering International had a return on equity of 21.58% and a net margin of 12.71%.The firm had revenue of $692.43 million for the quarter, compared to analysts' expectations of $671.35 million. During the same quarter in the previous year, the firm posted $0.43 earnings per share. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Oceaneering International, Inc. will post 1.93 EPS for the current year.

Insider Activity at Oceaneering International

In related news, COO Benjamin Laura sold 5,106 shares of the company's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $36.88, for a total transaction of $188,309.28. Following the completion of the sale, the chief operating officer owned 40,805 shares of the company's stock, valued at approximately $1,504,888.40. This represents a 11.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Earl Childress sold 22,518 shares of the company's stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total transaction of $842,398.38. Following the sale, the senior vice president directly owned 35,577 shares of the company's stock, valued at approximately $1,330,935.57. This represents a 38.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,689 shares of company stock worth $4,204,360 in the last 90 days. 1.30% of the stock is owned by insiders.

Institutional Trading of Oceaneering International

Large investors have recently bought and sold shares of the business. Salomon & Ludwin LLC acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $26,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC increased its stake in shares of 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 acquiring an additional 1,111 shares during the last quarter. Quarry LP acquired a new stake in shares of Oceaneering International in the 3rd quarter worth $30,000. Finally, SBI Securities Co. Ltd. increased its stake in shares of 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 worth $34,000 after acquiring an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors 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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