Oceaneering International (NYSE:OII) Shares Gap Down After Earnings Miss

Shares of Oceaneering International, Inc. (NYSE:OII) gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $44.09, but opened at $39.43. Oceaneering International shares last traded at $37.2130, with a volume of 181,709 shares changing hands.

The oil and gas company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.09). Oceaneering International had a net margin of 12.19% and a return on equity of 18.40%. The business had revenue of $784.55 million for the quarter, compared to the consensus estimate of $775.93 million. During the same period in the previous year, the firm earned $0.55 EPS. The company’s revenue was up 5.6% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Oceaneering International from a “hold” rating to a “buy” rating in a research report on Saturday, October 17th. Citigroup increased their price objective on Oceaneering International from $40.00 to $52.00 and gave the stock a “neutral” rating in a report on Tuesday, August 11th. Barclays raised their target price on Oceaneering International from $39.00 to $47.00 and gave the stock an “equal weight” rating in a research note on Monday, July 27th. Weiss Ratings lowered Oceaneering International from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, October 14th. Finally, Zacks Research raised Oceaneering International from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Insider Buying and Selling at Oceaneering International

In other Oceaneering International news, CEO Roderick A. Larson sold 6,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $44.16, for a total value of $264,960.00. Following the sale, the chief executive officer owned 391,279 shares of the company’s stock, valued at $17,278,880.64. This trade represents a 1.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Earl Childress sold 12,701 shares of the firm’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $46.71, for a total value of $593,263.71. Following the completion of the sale, the senior vice president directly owned 22,876 shares in the company, valued at approximately $1,068,537.96. The trade was a 35.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 32,901 shares of company stock valued at $1,542,864 over the last 90 days. Insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Oceaneering International

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC bought a new position in shares of Oceaneering International in the 3rd quarter worth $26,000. GAMMA Investing LLC lifted its holdings in shares of Oceaneering International by 18.7% during the 3rd quarter. GAMMA Investing LLC now owns 6,081 shares of the oil and gas company’s stock worth $265,000 after acquiring an additional 957 shares during the last quarter. Veracity Capital LLC bought a new stake in shares of Oceaneering International during the 3rd quarter worth $578,000. QRG Capital Management Inc. lifted its holdings in shares of Oceaneering International by 12.9% during the 2nd quarter. QRG Capital Management Inc. now owns 24,006 shares of the oil and gas company’s stock worth $973,000 after acquiring an additional 2,743 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Oceaneering International in the second quarter worth $224,000. 93.93% of the stock is owned by hedge funds and other institutional investors.

Oceaneering International Price Performance

The firm’s 50-day moving average is $47.89 and its 200-day moving average is $42.99. The company has a market capitalization of $3.72 billion, a PE ratio of 10.73 and a beta of 1.25. The company has a quick ratio of 1.90, a current ratio of 2.18 and a debt-to-equity ratio of 0.42.

About Oceaneering International

Oceaneering International, Inc is a Houston-based global engineering and technology company that provides services, equipment and applied technologies for the energy, defense, aerospace and industrial markets. The company is best known for its subsea capabilities, including remotely operated vehicles, subsea engineering, inspection, maintenance, repair and installation services, and specialized products used in offshore oil and gas operations.

Oceaneering also develops advanced technologies for government and commercial customers.