Oceaneering International (NYSE:OII) Hits New 52-Week High – Here’s Why

Oceaneering International, Inc. (NYSE:OII)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $40.21 and last traded at $39.9140, with a volume of 75822 shares traded. The stock had previously closed at $39.01.

Analyst Upgrades and Downgrades

OII has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a report on Sunday, March 1st. Barclays boosted their target price on shares of Oceaneering International from $32.00 to $39.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Citigroup increased their price target on Oceaneering International from $25.00 to $35.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 10th. TD Cowen lifted their price objective on Oceaneering International from $34.00 to $36.00 and gave the company a “hold” rating in a research note on Thursday, April 30th. Finally, Zacks Research downgraded Oceaneering International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $36.67.

Oceaneering International Stock Up 1.3%

The company has a debt-to-equity ratio of 0.44, a current ratio of 2.08 and a quick ratio of 1.79. The business’s 50 day moving average price is $37.65 and its 200 day moving average price is $32.70. The firm has a market cap of $3.97 billion, a PE ratio of 11.81 and a beta of 1.16.

Oceaneering International (NYSE:OII) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. The company had revenue of $692.43 million during the quarter, compared to analysts’ expectations of $671.35 million. During the same period in the prior year, the business posted $0.43 earnings per share. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts expect that Oceaneering International, Inc. will post 1.89 earnings per share for the current year.

Insider Buying and Selling at Oceaneering International

In other news, CEO Roderick A. Larson sold 5,000 shares of Oceaneering International stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $38.27, for a total value of $191,350.00. Following the sale, the chief executive officer directly owned 397,279 shares of the company’s stock, valued at $15,203,867.33. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Oceaneering International

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Oceaneering International by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,154 shares of the oil and gas company’s stock valued at $1,312,000 after buying an additional 2,633 shares during the last quarter. Empowered Funds LLC boosted its position in Oceaneering International by 1.9% during the first quarter. Empowered Funds LLC now owns 120,776 shares of the oil and gas company’s stock worth $2,634,000 after acquiring an additional 2,310 shares during the last quarter. Strs Ohio acquired a new position in Oceaneering International during the first quarter worth about $168,000. Norges Bank purchased a new stake in Oceaneering International during the 2nd quarter valued at about $1,485,000. Finally, Invesco Ltd. grew its stake in Oceaneering International by 8.0% during the 2nd quarter. Invesco Ltd. now owns 650,188 shares of the oil and gas company’s stock valued at $13,472,000 after acquiring an additional 48,382 shares in the last quarter. Institutional investors and hedge funds 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.