Stock Traders Buy High Volume of Call Options on Oceaneering International (NYSE:OII)

Key Points

• Unusual options activity: Traders purchased 3,555 call options on Oceaneering International, about 974% above the average volume of 331 calls.
• Mixed stock and business performance: Shares fell 1.9% to $42.68, despite the company beating quarterly earnings and revenue estimates, with revenue up 10% year over year.
• Analyst outlook remains moderately bullish: Oceaneering has a consensus “Moderate Buy” rating and an average price target of $45, while recent analyst views range from “Strong Buy” to “Hold.”

Oceaneering International, Inc. (NYSE:OII - Get Free Report) was the target of some unusual options trading on Thursday. Stock traders bought 3,555 call options on the company. This is an increase of approximately 974% compared to the average volume of 331 call options.

Oceaneering International Trading Down 1.9%

Shares of NYSE OII traded down $0.85 during trading hours on Thursday, hitting $42.68. The company's stock had a trading volume of 314,900 shares, compared to its average volume of 1,103,168. Oceaneering International has a 12 month low of $22.13 and a 12 month high of $54.25. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of 12.27 and a beta of 1.25. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.90 and a current ratio of 2.18. The business has a 50-day simple moving average of $48.49 and a 200-day simple moving average of $42.68.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.46 by $0.17. Oceaneering International had a return on equity of 18.40% and a net margin of 12.19%. The business had revenue of $768.18 million during the quarter, compared to analyst estimates of $735.69 million. During the same quarter in the prior year, the company posted $0.49 EPS. Oceaneering International's quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that Oceaneering International will post 2.10 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on OII. Wall Street Zen lowered Oceaneering International from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Barclays boosted their price objective on Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a research report on Monday, July 27th. Citigroup increased their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of Oceaneering International from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Finally, Weiss Ratings downgraded shares of Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Oceaneering International currently has a consensus rating of "Moderate Buy" and an average target price of $45.00.

Insider Transactions at Oceaneering International

In related news, Director M. McEvoy sold 3,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $47.92, for a total transaction of $143,760.00. Following the transaction, the director directly owned 134,133 shares of the company's stock, valued at approximately $6,427,653.36. This trade represents a 2.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Roderick Larson sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $44.16, for a total value of $264,960.00. Following the completion of the sale, the chief executive officer directly owned 391,279 shares of the company's stock, valued at approximately $17,278,880.64. This represents a 1.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,901 shares of company stock worth $1,542,864. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Oceaneering International

A number of hedge funds and other institutional investors have recently made changes to their positions in OII. Integrated Wealth Concepts LLC purchased a new stake in shares of Oceaneering International in the 2nd quarter worth approximately $35,000. Allworth Financial LP bought a new position in Oceaneering International during the 2nd quarter valued at approximately $42,000. Public Employees Retirement System of Ohio bought a new position in Oceaneering International during the 2nd quarter valued at approximately $54,000. Whittier Trust Co. of Nevada Inc. purchased a new position in Oceaneering International during the first quarter valued at $53,000. Finally, Persistent Asset Partners Ltd purchased a new position in Oceaneering International during the second quarter valued at $66,000. Institutional investors own 93.93% of the company's stock.

About Oceaneering International

Oceaneering International, Inc is a Houston-based technology and engineering company that provides products and services for subsea, offshore, aerospace and defense, and other industrial markets. Founded in 1969, the company is best known for its work in challenging underwater environments and serves customers involved in energy production, infrastructure, government programs, and industrial operations.

Oceaneering's subsea businesses provide remotely operated vehicles, autonomous underwater technologies, subsea equipment, tooling, umbilicals, connectors, and intervention systems.

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