Oceaneering International (NYSE:OII) Share Price Crosses Above 200 Day Moving Average After Analyst Downgrade

Key Points

• Oceaneering International shares rose 2.6% to about $40.31 and crossed above their 200-day moving average of $39.93 after Wall Street Zen upgraded the stock to “buy.” Analysts’ average rating is “Moderate Buy,” with a consensus price target of $43.33.
• The company reported quarterly revenue of $784.55 million, up 5.6% year over year and above estimates, but earnings per share of $0.50 missed expectations of $0.59.
• Insiders have been selling shares: executives and directors sold 32,901 shares worth approximately $1.54 million over the past 90 days, while institutional investors own 93.93% of the stock.

Oceaneering International, Inc. (NYSE:OII - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday after Wall Street Zen upgraded the stock from a hold rating to a buy rating. The stock has a 200-day moving average of $39.93 and traded as high as $40.79. Oceaneering International shares last traded at $40.3080, with a volume of 1,433,820 shares trading hands.

A number of other research firms also recently weighed in on OII. Barclays boosted their price target on shares of Oceaneering International from $39.00 to $47.00 and gave the stock an "equal weight" rating in a research note on Monday, July 27th. Citigroup lifted their target price on shares of Oceaneering International from $40.00 to $52.00 and gave the stock a "neutral" rating in a report on Tuesday, August 11th. Zacks Research upgraded shares of Oceaneering International from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 6th. Finally, Weiss Ratings downgraded Oceaneering International from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, Oceaneering International has an average rating of "Moderate Buy" and a consensus target price of $43.33.

Insider Activity

In related news, CEO Roderick Larson sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $44.16, for a total transaction of $264,960.00. Following the completion of the transaction, the chief executive officer owned 391,279 shares in the company, valued at approximately $17,278,880.64. The trade was a 1.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Murphy, Jr. sold 10,000 shares of the company's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $48.37, for a total transaction of $483,700.00. Following the completion of the sale, the director directly owned 68,916 shares of the company's stock, valued at $3,333,466.92. The trade was a 12.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 32,901 shares of company stock valued at $1,542,864. 1.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Oceaneering International

Institutional investors and hedge funds have recently made changes to their positions in the company. Noesis Capital Mangement Corp bought a new stake in shares of Oceaneering International in the 3rd quarter valued at $212,000. Tower View Wealth Management LLC bought a new position in Oceaneering International during the third quarter worth about $1,016,000. Sigma Planning Corp lifted its holdings in Oceaneering International by 166.9% during the third quarter. Sigma Planning Corp now owns 30,367 shares of the oil and gas company's stock worth $1,325,000 after acquiring an additional 18,991 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Oceaneering International by 542.5% during the third quarter. Sterling Capital Management LLC now owns 3,206 shares of the oil and gas company's stock worth $140,000 after acquiring an additional 2,707 shares in the last quarter. Finally, Root Financial Partners LLC acquired a new position in Oceaneering International in the third quarter valued at about $26,000. Institutional investors and hedge funds own 93.93% of the company's stock.

Oceaneering International Trading Up 2.6%

The business has a 50 day simple moving average of $47.11 and a 200-day simple moving average of $39.93. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 12.25 and a beta of 1.25. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.20 and a quick ratio of 1.97.

Oceaneering International (NYSE:OII - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The oil and gas company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.59 by ($0.09). Oceaneering International had a return on equity of 16.87% and a net margin of 11.37%. The business had revenue of $784.55 million for the quarter, compared to analyst estimates of $775.93 million. During the same period in the prior year, the business earned $0.55 EPS. The company's revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, equities analysts expect that Oceaneering International, Inc. will post 2.10 earnings per share for the current year.

Oceaneering International Company Profile

Oceaneering International, Inc is a Houston-based global engineering and technology company that provides services, equipment and applied technologies for the energy, defense, aerospace and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles, subsea engineering, inspection, maintenance, repair and installation services, and specialized products used in offshore oil and gas operations.

Oceaneering also develops advanced technologies for government and commercial customers.

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