Oceaneering International (NYSE:OII) Trading Down 4.9% - Time to Sell?

Key Points

• Oceaneering International's shares fell by 4.9%, with trading dropping to approximately 171,604 shares—an unsettling decline of 79% from its average volume.
• Analysts show mixed sentiments, with Barclays increasing their target price from $21.00 to $22.00 while Wall Street Zen downgraded their rating from "buy" to "hold".
• Oceaneering reported a quarterly EPS of $0.55, exceeding analyst estimates, and a revenue of $742.90 million, reflecting a 9.3% year-over-year increase.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) shares dropped 4.9% during trading on Thursday . The company traded as low as $23.01 and last traded at $23.50. Approximately 171,604 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 811,097 shares. The stock had previously closed at $24.70.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OII shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of Oceaneering International in a research note on Wednesday, October 8th. Barclays boosted their target price on Oceaneering International from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 1st. Wall Street Zen cut shares of Oceaneering International from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Citigroup lifted their price objective on shares of Oceaneering International from $20.00 to $25.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 9th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $27.00.

Oceaneering International Stock Down 5.9%

The company has a market cap of $2.33 billion, a price-to-earnings ratio of 11.73 and a beta of 1.50. The stock has a fifty day moving average price of $23.96 and a two-hundred day moving average price of $21.36. The company has a quick ratio of 1.67, a current ratio of 2.00 and a debt-to-equity ratio of 0.57.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported $0.55 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.13. Oceaneering International had a net margin of 7.31% and a return on equity of 22.09%. The business had revenue of $742.90 million for the quarter, compared to analyst estimates of $709.48 million. During the same period last year, the firm earned $0.36 earnings per share. Oceaneering International's revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, sell-side analysts expect that Oceaneering International, Inc. will post 1.78 EPS for the current year.

Insider Activity

In related news, CFO Alan R. Curtis sold 14,840 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $24.36, for a total value of $361,502.40. Following the completion of the sale, the chief financial officer directly owned 155,259 shares in the company, valued at approximately $3,782,109.24. The trade was a 8.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On Oceaneering International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OII. Salomon & Ludwin LLC bought a new position in shares of Oceaneering International in the third quarter worth $26,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Oceaneering International by 335.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 1,111 shares during the period. IFP Advisors Inc lifted its holdings in shares of Oceaneering International by 11,380.8% during the 2nd quarter. IFP Advisors Inc now owns 2,985 shares of the oil and gas company's stock worth $62,000 after acquiring an additional 2,959 shares during the period. Smartleaf Asset Management LLC raised its position in Oceaneering International by 33.2% during the second quarter. Smartleaf Asset Management LLC now owns 2,995 shares of the oil and gas company's stock valued at $62,000 after purchasing an additional 747 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Oceaneering International by 29.7% during the first quarter. GAMMA Investing LLC now owns 3,104 shares of the oil and gas company's stock valued at $68,000 after purchasing an additional 711 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.

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