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

Key Points

• Oceaneering International shares gapped up before Thursday’s open, rising from a prior close of $45.00 to an open of $47.22 and last trading around $50.39, up 7.2% on the day.
• Analysts remain cautious overall despite recent price-target increases from Citigroup, TD Cowen, and Barclays; the stock currently carries a consensus Hold rating with an average target price of $38.33.
• Recent results were mixed: the company missed EPS estimates in its latest quarter but posted revenue above expectations, while institutional investors continue to hold the vast majority of shares.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $45.00, but opened at $47.22. Oceaneering International shares last traded at $50.3850, with a volume of 210,054 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have commented on OII. Citigroup upped their target price 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. TD Cowen boosted their price objective on shares of Oceaneering International from $34.00 to $36.00 and gave the company a "hold" rating in a research report on Thursday, April 30th. Barclays upped their price objective on Oceaneering International from $32.00 to $39.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Oceaneering International in a report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $38.33.

Oceaneering International Trading Up 7.2%

The stock has a 50 day moving average of $39.32 and a 200-day moving average of $35.72. The company has a market capitalization of $4.81 billion, a P/E ratio of 14.36 and a beta of 1.15. The company has a current ratio of 2.08, a quick ratio of 1.79 and a debt-to-equity ratio of 0.44.

Oceaneering International (NYSE:OII - Get Free Report) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.05). Oceaneering International had a return on equity of 18.35% and a net margin of 12.12%.The firm had revenue of $692.43 million for the quarter, compared to the consensus estimate of $671.35 million. During the same quarter in the previous year, the business posted $0.43 EPS. Oceaneering International's revenue was up 2.7% on a year-over-year basis. On average, research analysts predict that Oceaneering International, Inc. will post 1.89 EPS for the current year.

Insider Activity

In other news, CEO Roderick A. Larson sold 5,000 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $38.27, for a total value of $191,350.00. Following the completion of the sale, the chief executive officer directly owned 397,279 shares of the company's stock, valued at $15,203,867.33. This represents a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OII. Lido Advisors LLC grew its stake in Oceaneering International by 2.8% in the fourth quarter. Lido Advisors LLC now owns 12,142 shares of the oil and gas company's stock worth $299,000 after purchasing an additional 335 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Oceaneering International by 0.7% during the 4th quarter. State of Alaska Department of Revenue now owns 54,458 shares of the oil and gas company's stock worth $1,307,000 after purchasing an additional 380 shares during the period. CSM Advisors LLC raised its position in Oceaneering International by 3.1% during the 3rd quarter. CSM Advisors LLC now owns 14,455 shares of the oil and gas company's stock valued at $359,000 after purchasing an additional 428 shares in the last quarter. NewEdge Advisors LLC raised its position in Oceaneering International by 2.9% during the 4th quarter. NewEdge Advisors LLC now owns 19,560 shares of the oil and gas company's stock valued at $470,000 after purchasing an additional 545 shares in the last quarter. Finally, State of Wyoming lifted its holdings in shares of Oceaneering International by 5.8% in the 4th quarter. State of Wyoming now owns 11,299 shares of the oil and gas company's stock worth $272,000 after buying an additional 621 shares during the period. 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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