Oceaneering International (NYSE:OII) Reaches New 52-Week High – Here’s Why

Shares of Oceaneering International, Inc. (NYSE:OII) hit a new 52-week high during trading on Monday . The company traded as high as $40.36 and last traded at $39.9040, with a volume of 939 shares. The stock had previously closed at $40.03.

Wall Street Analysts Forecast Growth

OII has been the subject of several recent analyst reports. TD Cowen raised their target price on Oceaneering International from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Citigroup boosted their price target on Oceaneering International from $35.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, June 18th. Zacks Research lowered Oceaneering International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Oceaneering International in a report on Friday, May 22nd. Finally, Barclays upped their target price on Oceaneering International from $32.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $38.33.

Oceaneering International Price Performance

The company’s 50-day moving average price is $37.90 and its two-hundred day moving average price is $33.62. The company has a market cap of $4.04 billion, a P/E ratio of 12.01 and a beta of 1.16. The company has a current ratio of 2.08, a quick ratio of 1.79 and a debt-to-equity ratio of 0.44.

Oceaneering International (NYSE:OII) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.05). The company had revenue of $692.43 million for the quarter, compared to the consensus estimate of $671.35 million. Oceaneering International had a return on equity of 18.35% and a net margin of 12.12%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.43 EPS. As a group, sell-side analysts expect that Oceaneering International, Inc. will post 1.89 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Roderick A. Larson sold 5,000 shares of Oceaneering International stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $38.27, for a total value of $191,350.00. Following the completion of the transaction, the chief executive officer owned 397,279 shares in the company, valued at approximately $15,203,867.33. This trade represents a 1.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oceaneering International

Several large investors have recently added to or reduced their stakes in OII. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Oceaneering International by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,154 shares of the oil and gas company’s stock valued at $1,312,000 after purchasing an additional 2,633 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Oceaneering International by 1.9% in the 1st quarter. Empowered Funds LLC now owns 120,776 shares of the oil and gas company’s stock worth $2,634,000 after buying an additional 2,310 shares during the last quarter. Strs Ohio acquired a new position in shares of Oceaneering International in the 1st quarter valued at about $168,000. Norges Bank acquired a new position in shares of Oceaneering International in the 2nd quarter valued at about $1,485,000. Finally, Invesco Ltd. grew its position in shares of Oceaneering International by 8.0% during the 2nd quarter. Invesco Ltd. now owns 650,188 shares of the oil and gas company’s stock valued at $13,472,000 after buying an additional 48,382 shares during the last quarter. 93.93% of the stock is currently owned by institutional investors.

About Oceaneering International

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.