Oceaneering International (NYSE:OII) Sets New 1-Year High on Strong Earnings

Oceaneering International, Inc. (NYSE:OII)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $35.69 and last traded at $34.8680, with a volume of 451675 shares changing hands. The stock had previously closed at $33.09.

The oil and gas company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.01. Oceaneering International had a net margin of 8.21% and a return on equity of 22.94%. The business had revenue of $668.57 million for the quarter, compared to the consensus estimate of $678.16 million. During the same quarter in the prior year, the company earned $0.37 EPS. The firm’s quarterly revenue was down 6.3% on a year-over-year basis.

Analysts Set New Price Targets

OII has been the subject of a number of recent research reports. Wall Street Zen lowered Oceaneering International from a “buy” rating to a “hold” rating in a research report on Saturday, February 7th. Zacks Research raised shares of Oceaneering International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. Barclays increased their price objective on Oceaneering International from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 28th. TD Cowen raised their target price on shares of Oceaneering International from $25.00 to $27.00 and gave the stock a “hold” rating in a report on Monday, November 3rd. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Oceaneering International in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Oceaneering International presently has a consensus rating of “Hold” and a consensus target price of $25.00.

Insider Activity

In related news, SVP Jennifer Fremont Simons sold 29,155 shares of Oceaneering International stock in a transaction on Monday, January 5th. The shares were sold at an average price of $26.35, for a total transaction of $768,234.25. Following the completion of the transaction, the senior vice president owned 52,344 shares of the company’s stock, valued at $1,379,264.40. This trade represents a 35.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OII. Salomon & Ludwin LLC bought a new stake in Oceaneering International in the 3rd quarter worth about $26,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Oceaneering International in the 3rd quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in shares of Oceaneering International by 335.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 1,111 shares in the last quarter. Quarry LP purchased a new stake in shares of Oceaneering International during the third quarter valued at approximately $30,000. Finally, SBI Securities Co. Ltd. increased its position in shares of Oceaneering International by 255.1% during the third quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 93.93% of the company’s stock.

Oceaneering International Trading Up 5.6%

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.97 and a quick ratio of 1.68. The stock’s 50 day simple moving average is $27.87 and its two-hundred day simple moving average is $25.28. The stock has a market capitalization of $3.49 billion, a PE ratio of 15.30 and a beta of 1.26.

Oceaneering International Company Profile

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.