Oceaneering International (NYSE:OII) Shares Up 6.1% Following Strong Earnings

Oceaneering International, Inc. (NYSE:OII - Get Free Report)'s share price shot up 6.1% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $24.21 and last traded at $23.80. 628,828 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 881,211 shares. The stock had previously closed at $22.43.

The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.07. Oceaneering International had a return on equity of 22.09% and a net margin of 7.31%. The business had revenue of $698.16 million during the quarter, compared to the consensus estimate of $676.81 million. During the same quarter in the prior year, the company posted $0.28 earnings per share. Oceaneering International's revenue was up 4.5% compared to the same quarter last year.

Analysts Set New Price Targets

Several research firms have weighed in on OII. Barclays cut their price objective on Oceaneering International from $22.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Monday, April 28th. Pickering Energy Partners upgraded Oceaneering International from an "underperform" rating to a "neutral" rating in a research note on Wednesday, April 2nd. Finally, Wall Street Zen lowered Oceaneering International from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Oceaneering International has a consensus rating of "Hold" and an average price target of $28.00.

Hedge Funds Weigh In On Oceaneering International

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Oceaneering International by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 12,480,517 shares of the oil and gas company's stock worth $325,492,000 after buying an additional 69,337 shares during the period. Brown Advisory Inc. lifted its holdings in 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 buying an additional 1,416,251 shares during the period. American Century Companies Inc. lifted its holdings in Oceaneering International by 9.6% in the 1st quarter. American Century Companies Inc. now owns 3,113,578 shares of the oil and gas company's stock worth $67,907,000 after buying an additional 271,868 shares during the period. Greenhouse Funds LLLP lifted its holdings in Oceaneering International by 10.0% in the 4th quarter. Greenhouse Funds LLLP now owns 2,689,795 shares of the oil and gas company's stock worth $70,150,000 after buying an additional 244,362 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in Oceaneering International by 5.8% in the 4th quarter. Franklin Resources Inc. now owns 2,039,875 shares of the oil and gas company's stock worth $53,200,000 after buying an additional 111,095 shares during the period. 93.93% of the stock is currently owned by institutional investors.

Oceaneering International Trading Up 1.3%

The firm has a market cap of $2.31 billion, a PE ratio of 11.60 and a beta of 1.48. The company has a current ratio of 2.00, a quick ratio of 1.67 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $20.71 and a two-hundred day simple moving average of $21.22.

Oceaneering International Company Profile

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.