Citigroup Forecasts Strong Price Appreciation for Oceaneering International (NYSE:OII) Stock

Oceaneering International (NYSE:OII) had its target price hoisted by research analysts at Citigroup from $35.00 to $40.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would suggest a potential upside of 11.04% from the company’s previous close.

Several other research analysts also recently commented on the stock. TD Cowen lifted their target price on shares of Oceaneering International from $34.00 to $36.00 and gave the stock a “hold” rating in a research note on Thursday, April 30th. Barclays lifted their target price on shares of Oceaneering International from $32.00 to $39.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Zacks Research downgraded Oceaneering International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Oceaneering International in a report on Friday, May 22nd. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $38.33.

Oceaneering International Price Performance

Oceaneering International stock traded up $0.52 during mid-day trading on Thursday, hitting $36.02. 782,344 shares of the company traded hands, compared to its average volume of 1,159,013. Oceaneering International has a one year low of $20.21 and a one year high of $40.21. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.79 and a current ratio of 2.08. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 10.67 and a beta of 1.16. The stock has a fifty day moving average price of $37.82 and a 200-day moving average price of $33.06.

Oceaneering International (NYSE:OII) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). The firm had revenue of $692.43 million for the quarter, compared to analysts’ expectations of $671.35 million. Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. On average, equities analysts predict that Oceaneering International will post 1.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Oceaneering International news, CEO Roderick A. Larson sold 5,000 shares of Oceaneering International stock in a transaction 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. The trade was a 1.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Oceaneering International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB bought a new stake in shares of Oceaneering International during the third quarter valued at approximately $28,000. EverSource Wealth Advisors LLC boosted its position in Oceaneering International by 335.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 1,111 shares during the last quarter. Quarry LP acquired a new stake in shares of Oceaneering International in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Oceaneering International during the first quarter worth $53,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of Oceaneering International by 248.8% during the fourth quarter. Hantz Financial Services Inc. now owns 2,281 shares of the oil and gas company’s stock valued at $55,000 after acquiring an additional 1,627 shares during the period. Institutional investors and hedge funds own 93.93% of the company’s stock.

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.