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

Shares of Oceaneering International, Inc. (NYSE:OII - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $20.26, but opened at $19.85. Oceaneering International shares last traded at $20.46, with a volume of 53,465 shares changing hands.

Wall Street Analyst Weigh In

OII has been the topic of several analyst reports. Pickering Energy Partners upgraded Oceaneering International from an "underperform" rating to a "neutral" rating in a report on Wednesday, April 2nd. Wall Street Zen upgraded Oceaneering International from a "hold" rating to a "buy" rating in a report on Sunday, June 1st. Finally, Barclays reduced their target price on Oceaneering International from $22.00 to $21.00 and set an "equal weight" rating on the stock in a report on Monday, April 28th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $28.00.

Oceaneering International Price Performance

The stock has a market capitalization of $2.14 billion, a P/E ratio of 14.76 and a beta of 1.48. The business has a fifty day simple moving average of $18.72 and a 200-day simple moving average of $22.50. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.46 and a current ratio of 1.74.

Oceaneering International (NYSE:OII - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.07. The firm had revenue of $674.52 million for the quarter, compared to analysts' expectations of $651.96 million. Oceaneering International had a return on equity of 17.29% and a net margin of 5.54%. The company's revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 EPS. Sell-side analysts expect that Oceaneering International, Inc. will post 1.78 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Oceaneering International

A number of institutional investors and hedge funds have recently modified their holdings of the business. Brown Advisory Inc. lifted its holdings in shares of Oceaneering International by 27.6% in the 1st quarter. Brown Advisory Inc. now owns 6,545,919 shares of the oil and gas company's stock worth $142,767,000 after purchasing an additional 1,416,251 shares in the last quarter. FIL Ltd bought a new position in shares of Oceaneering International in the 4th quarter worth $18,864,000. Nuveen LLC bought a new position in shares of Oceaneering International in the 1st quarter worth $11,993,000. American Century Companies Inc. lifted its holdings in shares of Oceaneering International by 14.3% in the 4th quarter. American Century Companies Inc. now owns 2,841,710 shares of the oil and gas company's stock worth $74,112,000 after purchasing an additional 355,290 shares in the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Oceaneering International in the 4th quarter worth $8,490,000. 93.93% of the stock is currently owned by institutional investors.

About Oceaneering International

Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. It operates through Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments.