Oceaneering International (NYSE:OII) Shares Gap Up After Earnings Beat

Oceaneering International, Inc. (NYSE:OII) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $17.27, but opened at $18.58. Oceaneering International shares last traded at $17.88, with a volume of 190,984 shares trading hands.

The oil and gas company reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.07. The company had revenue of $674.52 million for the quarter, compared to analyst estimates of $651.96 million. Oceaneering International had a return on equity of 17.29% and a net margin of 5.54%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup cut shares of Oceaneering International from a “buy” rating to a “neutral” rating and set a $30.00 price objective on the stock. in a report on Friday, January 10th. StockNews.com lowered Oceaneering International from a “buy” rating to a “hold” rating in a research report on Saturday, March 1st. Barclays dropped their target price on Oceaneering International from $26.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. TD Cowen raised their price target on Oceaneering International from $26.00 to $27.00 and gave the company a “hold” rating in a report on Wednesday, January 8th. Finally, Pickering Energy Partners upgraded shares of Oceaneering International from an “underperform” rating to a “neutral” rating in a research note on Wednesday, April 2nd. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $28.25.

Institutional Investors Weigh In On Oceaneering International

Several institutional investors have recently modified their holdings of the business. Barclays PLC boosted its holdings in shares of Oceaneering International by 334.5% during the 3rd quarter. Barclays PLC now owns 180,470 shares of the oil and gas company’s stock valued at $4,489,000 after acquiring an additional 138,931 shares during the last quarter. Tidal Investments LLC boosted its holdings in Oceaneering International by 29.0% in the third quarter. Tidal Investments LLC now owns 13,057 shares of the oil and gas company’s stock worth $325,000 after purchasing an additional 2,933 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Oceaneering International by 3.1% in the third quarter. Franklin Resources Inc. now owns 1,928,780 shares of the oil and gas company’s stock worth $49,647,000 after purchasing an additional 57,193 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in Oceaneering International in the 3rd quarter worth approximately $202,000. Finally, Principal Financial Group Inc. raised its stake in Oceaneering International by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 510,880 shares of the oil and gas company’s stock valued at $12,706,000 after buying an additional 7,037 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Oceaneering International Price Performance

The stock has a market capitalization of $1.81 billion, a P/E ratio of 12.45 and a beta of 1.94. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.46 and a current ratio of 1.74. The firm has a fifty day moving average price of $20.02 and a two-hundred day moving average price of $24.16.

About Oceaneering International

Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. It operates through Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments.