Oceaneering International (NYSE:OII) Trading Down 8.6% - Should You Sell?

Key Points

• Oceaneering International shares fell 8.6% to about $46.71, with trading volume well below the average daily level.
• Analyst sentiment remains cautious: the stock has an overall “Hold” rating, with one Buy and four Hold recommendations, and a consensus price target of $45.
• The company recently exceeded quarterly expectations, reporting $0.63 in EPS versus $0.46 forecast and revenue of $768.18 million, up 10% year over year. However, insiders have sold roughly 26,901 shares worth $1.28 million over the past 90 days.

Oceaneering International, Inc. (NYSE:OII - Get Free Report) shares dropped 8.6% during trading on Monday . The company traded as low as $46.58 and last traded at $46.7050. Approximately 405,627 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,133,605 shares. The stock had previously closed at $51.09.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OII shares. Weiss Ratings raised shares of Oceaneering International from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, August 31st. Barclays lifted their target price on shares of Oceaneering International from $39.00 to $47.00 and gave the company an "equal weight" rating in a research note on Monday, July 27th. Wall Street Zen downgraded shares of Oceaneering International from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Finally, Citigroup boosted their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a "neutral" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Oceaneering International has an average rating of "Hold" and a consensus price target of $45.00.

Oceaneering International Price Performance

The firm has a market cap of $4.64 billion, a P/E ratio of 13.34 and a beta of 1.17. The firm's fifty day simple moving average is $48.44 and its 200 day simple moving average is $41.10. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.90 and a current ratio of 2.18.

Oceaneering International (NYSE:OII - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.17. The firm had revenue of $768.18 million for the quarter, compared to analysts' expectations of $735.69 million. Oceaneering International had a return on equity of 18.40% and a net margin of 12.19%.The business's revenue was up 10.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.49 earnings per share. As a group, analysts forecast that Oceaneering International, Inc. will post 2.1 earnings per share for the current year.

Insider Buying and Selling at Oceaneering International

In related news, Director M. McEvoy sold 3,000 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $47.92, for a total value of $143,760.00. Following the completion of the transaction, the director 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher Dyer sold 1,200 shares of Oceaneering International stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $47.65, for a total value of $57,180.00. Following the completion of the transaction, the senior vice president owned 14,702 shares of the company's stock, valued at approximately $700,550.30. This represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 26,901 shares of company stock valued at $1,277,904. Corporate insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Oceaneering International

Large investors have recently bought and sold shares of the business. EP Wealth Advisors LLC purchased a new stake in shares of Oceaneering International during the second quarter valued at $855,000. Great Lakes Advisors LLC bought a new stake in Oceaneering International during the 2nd quarter valued at about $445,000. Leuthold Group LLC bought a new stake in Oceaneering International during the 4th quarter valued at about $3,548,000. Fifth Third Bancorp boosted its position in Oceaneering International by 6,782.5% in the 1st quarter. Fifth Third Bancorp now owns 29,526 shares of the oil and gas company's stock valued at $1,047,000 after buying an additional 29,097 shares during the period. Finally, Brandywine Global Investment Management LLC purchased a new stake in Oceaneering International in the 4th quarter valued at about $5,489,000. Hedge funds and other institutional investors own 93.93% of the company's stock.

About Oceaneering International

Oceaneering International, Inc is a Houston, Texas-based global engineering and technology company that provides products and services to the offshore energy, defense, aerospace, and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles (ROVs), subsea tooling, umbilicals, engineering services, and inspection, maintenance, and repair solutions for offshore infrastructure.

Oceaneering's business also includes offshore project management, asset integrity management, digital and data solutions, and the design and manufacture of specialized equipment.

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