Oceaneering International (NYSE:OII) Stock Price Expected to Rise, TD Cowen Analyst Says

Oceaneering International (NYSE:OII) had its price target boosted by analysts at TD Cowen from $28.00 to $34.00 in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage presently has a “hold” rating on the oil and gas company’s stock. TD Cowen’s price target would indicate a potential downside of 3.30% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Weiss Ratings upgraded Oceaneering International from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Barclays increased their target price on Oceaneering International from $23.00 to $32.00 and gave the company an “equal weight” rating in a research report on Monday, February 23rd. Wall Street Zen downgraded shares of Oceaneering International from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Zacks Research upgraded shares of Oceaneering International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Oceaneering International has a consensus rating of “Moderate Buy” and a consensus target price of $30.33.

Oceaneering International Stock Performance

Shares of OII opened at $35.16 on Tuesday. The business has a 50-day simple moving average of $30.20 and a two-hundred day simple moving average of $26.29. The company has a quick ratio of 1.72, a current ratio of 1.99 and a debt-to-equity ratio of 0.45. Oceaneering International has a 52 week low of $15.46 and a 52 week high of $39.00. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 10.05 and a beta of 1.18.

Oceaneering International (NYSE:OII) last released its earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.01. The company had revenue of $668.57 million for the quarter, compared to analysts’ expectations of $678.16 million. Oceaneering International had a net margin of 12.71% and a return on equity of 21.58%. Oceaneering International’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.37 EPS. On average, analysts expect that Oceaneering International will post 1.78 EPS for the current year.

Insider Activity

In related news, SVP Jennifer Fremont Simons sold 29,155 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $26.35, for a total value 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. The trade was a 35.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karen H. Beachy sold 9,800 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $37.41, for a total value of $366,618.00. Following the sale, the director owned 22,816 shares of the company’s stock, valued at approximately $853,546.56. This represents a 30.05% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 140,844 shares of company stock valued at $4,972,594. 2.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Oceaneering International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SummerHaven Investment Management LLC purchased a new position in Oceaneering International in the 3rd quarter worth approximately $967,000. Essex Investment Management Co. LLC lifted its position in Oceaneering International by 58.7% during the third quarter. Essex Investment Management Co. LLC now owns 159,261 shares of the oil and gas company’s stock worth $3,946,000 after buying an additional 58,925 shares in the last quarter. SG Americas Securities LLC lifted its position in Oceaneering International by 1,377.0% during the third quarter. SG Americas Securities LLC now owns 156,547 shares of the oil and gas company’s stock worth $3,879,000 after buying an additional 145,948 shares in the last quarter. CenterBook Partners LP acquired a new position in Oceaneering International during the third quarter worth $409,000. Finally, Greenhouse Funds LLLP grew its holdings in Oceaneering International by 9.9% in the 2nd quarter. Greenhouse Funds LLLP now owns 2,491,803 shares of the oil and gas company’s stock valued at $51,630,000 after buying an additional 223,724 shares in the last quarter. Hedge funds and other institutional investors own 93.93% of the company’s stock.

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.