Oceaneering International (NYSE:OII) Trading 7.4% Higher - Here's Why

Key Points

• Oceaneering International shares jumped 7.4% on Friday, trading as high as $51.00 on volume that was well above average.
• Analysts have been raising price targets on the stock, but the overall view remains cautious: the consensus rating is still Hold with an average target of $38.33.
• The company’s latest earnings showed revenue beat estimates at $692.43 million, but EPS missed expectations at $0.30 versus $0.35, while institutional investors continue to hold the vast majority of shares.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) shares rose 7.4% on Friday . The stock traded as high as $51.00 and last traded at $51.5530. 1,618,261 shares traded hands during trading, an increase of 37% from the average session volume of 1,181,438 shares. The stock had previously closed at $48.02.

Analyst Upgrades and Downgrades

Several analysts have commented on OII shares. Barclays lifted their price objective on shares of Oceaneering International from $32.00 to $39.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Citigroup increased their target price on shares of Oceaneering International from $35.00 to $40.00 and gave the company a "neutral" rating in a research report on Thursday, June 18th. Weiss Ratings restated a "buy (b-)" rating on shares of Oceaneering International in a research note on Friday, May 22nd. Finally, TD Cowen lifted their price target on shares of Oceaneering International from $34.00 to $36.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Oceaneering International presently has a consensus rating of "Hold" and a consensus price target of $38.33.

Oceaneering International Trading Up 7.9%

The firm has a fifty day moving average of $39.51 and a two-hundred day moving average of $35.88. The company has a market cap of $5.17 billion, a PE ratio of 14.89 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 quarterly earnings data 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). The business had revenue of $692.43 million for the quarter, compared to analysts' expectations of $671.35 million. Oceaneering International had a net margin of 12.19% and a return on equity of 19.00%. Oceaneering International's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.43 earnings per share. As a group, sell-side analysts predict that Oceaneering International, Inc. will post 1.89 EPS for the current year.

Insider Activity at Oceaneering International

In related news, CEO Roderick A. Larson sold 5,000 shares of the company's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $38.27, for a total transaction of $191,350.00. Following the sale, the chief executive officer directly owned 397,279 shares in the company, valued at approximately $15,203,867.33. This represents a 1.24% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Oceaneering International

A number of large investors have recently made changes to their positions in the stock. Annex Advisory Services LLC raised its stake in shares of Oceaneering International by 29.3% during the 2nd quarter. Annex Advisory Services LLC now owns 67,302 shares of the oil and gas company's stock valued at $2,727,000 after purchasing an additional 15,254 shares during the period. Reinhart Partners LLC. bought a new position in Oceaneering International in the 2nd quarter worth about $66,795,000. GAMMA Investing LLC boosted its stake in Oceaneering International by 27.1% in the 2nd quarter. GAMMA Investing LLC now owns 5,124 shares of the oil and gas company's stock worth $208,000 after purchasing an additional 1,092 shares during the period. Central Pacific Bank Trust Division grew its holdings in Oceaneering International by 45.0% during the 2nd quarter. Central Pacific Bank Trust Division now owns 21,696 shares of the oil and gas company's stock valued at $879,000 after buying an additional 6,736 shares in the last quarter. Finally, Chelsea Counsel Co. bought a new stake in shares of Oceaneering International during the first quarter valued at about $568,000. 93.93% of the stock is owned by institutional investors.

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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