Oceaneering International (NYSE:OII) Trading 6.5% Higher on Analyst Upgrade

Oceaneering International, Inc. (NYSE:OII)’s share price rose 6.5% during mid-day trading on Monday after Barclays raised their price target on the stock from $23.00 to $32.00. Barclays currently has an equal weight rating on the stock. Oceaneering International traded as high as $37.80 and last traded at $37.0520. Approximately 213,586 shares traded hands during trading, a decline of 82% from the average daily volume of 1,199,566 shares. The stock had previously closed at $34.79.

OII has been the subject of several other reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Oceaneering International in a research report on Monday, December 29th. Wall Street Zen raised Oceaneering International from a “hold” rating to a “buy” rating in a research note on Saturday. TD Cowen increased their price objective on Oceaneering International from $25.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, November 3rd. Finally, Zacks Research raised Oceaneering International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $28.00.

Insiders Place Their Bets

In other news, SVP Jennifer Fremont Simons sold 29,155 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $26.35, for a total value of $768,234.25. Following the sale, the senior vice president directly owned 52,344 shares of the company’s stock, valued at $1,379,264.40. This represents a 35.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OII. Salomon & Ludwin LLC bought a new position in Oceaneering International in the third quarter valued at about $26,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Oceaneering International during the 3rd quarter valued at $28,000. EverSource Wealth Advisors LLC boosted its holdings 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 worth $30,000 after buying an additional 1,111 shares during the period. Quarry LP bought a new position in Oceaneering International in the 3rd quarter worth $30,000. Finally, SBI Securities Co. Ltd. increased its stake in Oceaneering International by 255.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company’s stock worth $34,000 after buying an additional 1,000 shares in the last quarter. 93.93% of the stock is owned by institutional investors.

Oceaneering International Trading Up 6.8%

The stock has a fifty day simple moving average of $28.46 and a 200 day simple moving average of $25.60. The firm has a market capitalization of $3.71 billion, a P/E ratio of 10.62 and a beta of 1.25. The company has a quick ratio of 1.68, a current ratio of 1.99 and a debt-to-equity ratio of 0.45.

Oceaneering International (NYSE:OII) last released its quarterly earnings data on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.01. The firm 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%. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 earnings per share. As a group, research analysts forecast that Oceaneering International, Inc. will post 1.78 EPS for the current year.

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.