Oceaneering International (OII) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Oceaneering International (NYSE:OII) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “Oceaneering International, Inc provides engineered services and products to the offshore oil and gas, defense, aerospace and commercial theme park industries worldwide. The company’s Remotely Operated Vehicles segment offers submersible vehicles for drill support, vessel-based inspection, maintenance and repair, installation and construction support, pipeline inspection and surveys, and subsea production facility operation and maintenance services. The company’s Subsea Products segment constructs various specialty subsea hardware products. It’s Asset Integrity segment offers asset integrity services to enhance the safety of their facilities onshore and offshore, as well as third-party inspections to customers in the oil and gas, petrochemical and power generation industries; and first-pass integrity evaluation and assessment, and non-destructive testing services. Its Advanced Technologies segment provides project management, engineering services, and equipment for applications in non-oilfield markets. “

A number of other research firms have also recently weighed in on OII. Royal Bank of Canada set a $22.00 price target on shares of Oceaneering International and gave the stock a buy rating in a research note on Thursday, December 21st. Piper Jaffray Companies cut shares of Oceaneering International from an overweight rating to a neutral rating in a research note on Friday, October 27th. JPMorgan Chase & Co. lowered their price target on shares of Oceaneering International from $22.00 to $21.00 and set an underweight rating on the stock in a research note on Tuesday, September 12th. Barclays initiated coverage on shares of Oceaneering International in a research note on Friday, October 6th. They set an equal weight rating and a $28.00 price target on the stock. Finally, Tudor Pickering raised shares of Oceaneering International from a hold rating to a buy rating in a research note on Monday, November 6th. Seven analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $23.70.

Oceaneering International (OII) traded up $0.51 during trading hours on Tuesday, hitting $23.04. 2,925,900 shares of the stock were exchanged, compared to its average volume of 1,930,600. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.14 and a current ratio of 2.67. Oceaneering International has a fifty-two week low of $17.11 and a fifty-two week high of $29.53. The firm has a market cap of $2,214.23, a PE ratio of -121.26 and a beta of 1.63.

Oceaneering International (NYSE:OII) last posted its quarterly earnings results on Wednesday, October 25th. The oil and gas company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). Oceaneering International had a positive return on equity of 0.21% and a negative net margin of 0.94%. The company had revenue of $476.12 million for the quarter, compared to analyst estimates of $511.14 million. During the same period last year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was down 13.3% compared to the same quarter last year. analysts forecast that Oceaneering International will post -0.09 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Shell Asset Management Co. lifted its holdings in Oceaneering International by 109.1% in the 3rd quarter. Shell Asset Management Co. now owns 53,055 shares of the oil and gas company’s stock valued at $3,458,000 after purchasing an additional 27,684 shares in the last quarter. Magnetar Financial LLC purchased a new position in Oceaneering International in the 3rd quarter valued at about $1,684,000. Personal Capital Advisors Corp lifted its holdings in Oceaneering International by 14.4% in the 3rd quarter. Personal Capital Advisors Corp now owns 93,647 shares of the oil and gas company’s stock valued at $2,460,000 after purchasing an additional 11,818 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Oceaneering International by 76.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 197,692 shares of the oil and gas company’s stock valued at $5,193,000 after purchasing an additional 85,357 shares in the last quarter. Finally, Schroder Investment Management Group lifted its holdings in Oceaneering International by 10.0% in the 2nd quarter. Schroder Investment Management Group now owns 425,177 shares of the oil and gas company’s stock valued at $9,635,000 after purchasing an additional 38,535 shares in the last quarter. 99.69% of the stock is currently owned by hedge funds and other institutional investors.

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About Oceaneering International

Oceaneering International, Inc is an oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. The Company’s business segments are contained within two businesses: services and products provided to the oil and gas industry (Oilfield) and all other services and products (Advanced Technologies).

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