Oceaneering International Inc. (OII) Shares Gap Up to $29.42
Oceaneering International Inc. (NYSE:OII)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $29.26, but opened at $29.42. Oceaneering International shares last traded at $29.90, with a volume of 838,701 shares trading hands.
Several equities analysts have recently commented on OII shares. Goldman Sachs Group Inc. upgraded Oceaneering International from a “neutral” rating to a “buy” rating and raised their price target for the company from $37.00 to $40.50 in a research note on Friday, March 11th. Stephens restated an “overweight” rating and set a $38.00 price target on shares of Oceaneering International in a research note on Wednesday, April 6th. Morgan Stanley raised their price target on Oceaneering International from $30.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 19th. Societe Generale upgraded Oceaneering International from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Friday, April 29th. Finally, Zacks Investment Research upgraded Oceaneering International from a “strong sell” rating to a “hold” rating in a research note on Saturday, April 30th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $39.03.
The company has a market capitalization of $2.92 billion and a P/E ratio of 15.68. The stock’s 50-day moving average price is $31.74 and its 200 day moving average price is $32.15.
Oceaneering International (NYSE:OII) last issued its quarterly earnings results on Monday, April 25th. The company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by $0.09. During the same quarter last year, the business posted $0.70 EPS. The business earned $608.34 million during the quarter, compared to the consensus estimate of $641.85 million. Oceaneering International’s revenue for the quarter was down 22.7% compared to the same quarter last year. On average, analysts predict that Oceaneering International Inc. will post $1.02 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, June 17th. Shareholders of record on Friday, May 27th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Wednesday, May 25th. This represents a $1.08 annualized dividend and a yield of 3.63%.
In other Oceaneering International news, Director T Jay Collins sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $33.04, for a total transaction of $660,800.00. Following the sale, the director now owns 42,252 shares in the company, valued at approximately $1,396,006.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Stephen P. Barrett purchased 1,000 shares of the business’s stock in a transaction on Tuesday, May 10th. The shares were bought at an average price of $32.80 per share, for a total transaction of $32,800.00. Following the acquisition, the vice president now owns 20,218 shares in the company, valued at $663,150.40. The disclosure for this purchase can be found here.
A number of large investors recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Oceaneering International by 55.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 902,738 shares of the company’s stock valued at $33,870,000 after buying an additional 323,040 shares during the period. Principal Financial Group Inc. increased its position in Oceaneering International by 2.5% in the fourth quarter. Principal Financial Group Inc. now owns 315,133 shares of the company’s stock worth $11,824,000 after buying an additional 7,693 shares during the last quarter. Bank of Montreal Can increased its position in Oceaneering International by 1,556.0% in the fourth quarter. Bank of Montreal Can now owns 956,640 shares of the company’s stock worth $35,894,000 after buying an additional 898,872 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Oceaneering International by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 28,368 shares of the company’s stock worth $1,064,000 after buying an additional 121 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Oceaneering International by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 7,137,581 shares of the company’s stock worth $267,802,000 after buying an additional 124,727 shares during the last quarter.
Oceaneering International, Inc is an oilfield provider of engineered services and products to the offshore oil and gas industry, with a focus on deep water applications. The Company’s business segments are contained within two businesses, such as services and products provided to the oil and gas industry (Oilfield) and all other services and products (Advanced Technologies).
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