Oceaneering International (NYSE:OII) Shares Down 6.6% - Here's Why

Key Points

• Shares fell 6.6% intraday to about $33.12 (low $32.90) on Friday with trading volume of 456,268 shares, down ~65% versus the average session volume and off a prior close of $35.44.
• Analysts are mixed but cautious — several firms raised price targets recently while the MarketBeat consensus remains a "Hold" with a target price of $33.67.
• Recent quarter showed a slight EPS beat ($0.45 vs. $0.44) but a revenue miss ($668.6M vs. $678.2M) and a 6.3% YoY revenue decline, and insiders have sold ~140,844 shares (~$5.0M) in the last 90 days, leaving insiders with about 2.10% ownership.

Oceaneering International, Inc. (NYSE:OII - Get Free Report)'s stock price fell 6.6% during mid-day trading on Friday . The company traded as low as $32.90 and last traded at $33.1170. 456,268 shares changed hands during trading, a decline of 65% from the average session volume of 1,287,424 shares. The stock had previously closed at $35.44.

Wall Street Analyst Weigh In

Several research analysts have commented on OII shares. TD Cowen raised their price objective on Oceaneering International from $28.00 to $34.00 and gave the company a "hold" rating in a research report on Tuesday, March 3rd. Citigroup increased 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. Weiss Ratings upgraded Oceaneering International from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Zacks Research lowered Oceaneering International from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 5th. Finally, Barclays increased their price objective on shares of Oceaneering International from $23.00 to $32.00 and gave the company an "equal weight" rating in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Oceaneering International currently has a consensus rating of "Hold" and a consensus target price of $33.67.

Oceaneering International Stock Down 6.5%

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 firm has a fifty day simple moving average of $31.52 and a 200-day simple moving average of $26.78. The company has a market capitalization of $3.29 billion, a PE ratio of 9.48 and a beta of 1.18.

Oceaneering International (NYSE:OII - Get Free Report) last released its earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.44 by $0.01. The company had revenue of $668.57 million during the quarter, compared to analysts' expectations of $678.16 million. Oceaneering International had a return on equity of 21.58% and a net margin of 12.71%.The business's revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.37 EPS. Equities research analysts anticipate that Oceaneering International, Inc. will post 1.78 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Holly Kriendler sold 19,007 shares of the business'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 completion of the sale, the senior vice president directly owned 30,500 shares of the company's stock, valued at $1,150,765. The trade was a 38.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Benjamin Laura sold 33,176 shares of the company's stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $37.51, for a total value of $1,244,431.76. Following the sale, the chief operating officer directly owned 45,911 shares in the company, valued at approximately $1,722,121.61. This represents a 41.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 140,844 shares of company stock valued at $4,972,594. 2.10% of the stock is owned by company insiders.

Institutional Trading of Oceaneering International

Several hedge funds have recently made changes to their positions in OII. Salomon & Ludwin LLC bought a new position in Oceaneering International during the 3rd quarter worth $26,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Oceaneering International during the third quarter valued at $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of 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 valued at $30,000 after acquiring an additional 1,111 shares during the period. Quarry LP bought a new position in shares of Oceaneering International during the third quarter worth about $30,000. Finally, SBI Securities Co. Ltd. lifted its position 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 purchasing an additional 1,000 shares during the last quarter. Institutional investors own 93.93% of the company's stock.

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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