Oceaneering International, Inc. (NYSE:OII) Sees Large Increase in Short Interest

Oceaneering International, Inc. (NYSE:OII – Get Rating) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totalling 4,120,000 shares, a growth of 16.7% from the June 30th total of 3,530,000 shares. Approximately 4.2% of the shares of the company are sold short. Based on an average daily volume of 1,280,000 shares, the days-to-cover ratio is currently 3.2 days.

Oceaneering International Stock Performance

Shares of Oceaneering International stock opened at $8.65 on Friday. The company has a current ratio of 2.43, a quick ratio of 2.11 and a debt-to-equity ratio of 1.47. The business has a 50-day moving average price of $10.75 and a two-hundred day moving average price of $12.83. Oceaneering International has a 1-year low of $8.56 and a 1-year high of $18.20. The company has a market cap of $867.25 million, a P/E ratio of -14.18 and a beta of 2.77.

Oceaneering International (NYSE:OII – Get Rating) last issued its quarterly earnings results on Wednesday, July 27th. The oil and gas company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.07). Oceaneering International had a positive return on equity of 0.91% and a negative net margin of 3.24%. The business had revenue of $524.03 million for the quarter, compared to analyst estimates of $521.02 million. During the same quarter in the previous year, the business posted $0.10 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. As a group, analysts anticipate that Oceaneering International will post 0.46 EPS for the current year.

Insider Activity

In related news, Director Steven A. Webster purchased 25,000 shares of Oceaneering International stock in a transaction that occurred on Thursday, June 23rd. The shares were acquired at an average price of $8.72 per share, with a total value of $218,000.00. Following the completion of the transaction, the director now directly owns 99,208 shares of the company’s stock, valued at approximately $865,093.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.01% of the stock is owned by company insiders.

Institutional Trading of Oceaneering International

A number of large investors have recently bought and sold shares of OII. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Oceaneering International in the 4th quarter valued at about $27,000. MCF Advisors LLC acquired a new stake in shares of Oceaneering International in the 1st quarter valued at about $44,000. Advisor Group Holdings Inc. grew its stake in shares of Oceaneering International by 111.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 3,100 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 1,635 shares during the period. Aaron Wealth Advisors LLC acquired a new stake in shares of Oceaneering International in the 1st quarter valued at about $427,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of Oceaneering International in the 4th quarter valued at about $90,000. 87.15% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OII has been the subject of several recent analyst reports. StockNews.com cut Oceaneering International from a “buy” rating to a “hold” rating in a research note on Wednesday, May 4th. Cowen set a $15.00 target price on Oceaneering International in a research note on Monday, June 20th. Barclays cut their target price on Oceaneering International from $18.00 to $15.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Piper Sandler increased their price target on Oceaneering International from $22.50 to $25.00 and gave the company an “overweight” rating in a research note on Monday, April 18th.

About Oceaneering International

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Oceaneering International, Inc provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair.