Oceaneering International (NYSE:OII) Raised to Strong-Buy at Zacks Research

Oceaneering International (NYSE:OII) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, Zacks reports.

A number of other research firms have also weighed in on OII. Barclays upped their target price on shares of Oceaneering International from $39.00 to $47.00 and gave the stock an “equal weight” rating in a report on Monday, July 27th. Weiss Ratings raised shares of Oceaneering International from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 31st. Citigroup boosted their price target on shares of Oceaneering International from $40.00 to $52.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Oceaneering International Stock Down 2.9%

OII stock opened at $43.67 on Tuesday. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $4.35 billion, a PE ratio of 12.55 and a beta of 1.25. Oceaneering International has a twelve month low of $22.02 and a twelve month high of $54.25. The stock has a 50-day simple moving average of $48.93 and a two-hundred day simple moving average of $42.40.

Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.17. Oceaneering International had a return on equity of 18.40% and a net margin of 12.19%.The firm had revenue of $768.18 million for the quarter, compared to analysts’ expectations of $735.69 million. During the same period in the prior year, the business posted $0.49 earnings per share. The company’s revenue was up 10.0% on a year-over-year basis. On average, equities analysts predict that Oceaneering International will post 2.1 EPS for the current fiscal year.

Insider Activity

In related news, Director Paul Murphy, Jr. sold 10,000 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $48.37, for a total transaction of $483,700.00. Following the transaction, the director directly owned 68,916 shares of the company’s stock, valued at approximately $3,333,466.92. This trade represents a 12.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Christopher Dyer sold 1,200 shares of the business’s stock in a transaction that occurred on 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 sale, the senior vice president owned 14,702 shares of the company’s stock, valued at $700,550.30. The trade was a 7.55% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 32,901 shares of company stock worth $1,542,864. 1.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Oceaneering International

Hedge funds have recently made changes to their positions in the business. EP Wealth Advisors LLC purchased a new position in Oceaneering International in the 2nd quarter worth $855,000. Great Lakes Advisors LLC purchased a new stake in Oceaneering International during the second quarter valued at about $445,000. Bank of America Corp DE bought a new position in shares of Oceaneering International during the second quarter valued at about $14,783,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Oceaneering International during the second quarter valued at about $2,889,000. Finally, Fifth Third Bancorp increased its holdings in shares of Oceaneering International by 6,782.5% in the first quarter. Fifth Third Bancorp now owns 29,526 shares of the oil and gas company’s stock worth $1,047,000 after buying an additional 29,097 shares during the period. 93.93% of the stock is currently owned by institutional investors.

About Oceaneering International

Oceaneering International, Inc is a Houston-based technology and engineering company that provides products and services for subsea, offshore, aerospace and defense, and other industrial markets. Founded in 1969, the company is best known for its work in challenging underwater environments and serves customers involved in energy production, infrastructure, government programs, and industrial operations.

Oceaneering’s subsea businesses provide remotely operated vehicles, autonomous underwater technologies, subsea equipment, tooling, umbilicals, connectors, and intervention systems.