Oceaneering International Inc. (OII) Shares Down 6.1%
Oceaneering International Inc. (NYSE:OII)’s share price fell 6.1% on Tuesday . The stock traded as low as $28.58 and last traded at $28.60, with a volume of 556,790 shares trading hands. The stock had previously closed at $30.45.
Several research firms recently weighed in on OII. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Oceaneering International in a research note on Tuesday. Zacks Investment Research cut shares of Oceaneering International from a “hold” rating to a “sell” rating in a research note on Tuesday. Evercore ISI cut shares of Oceaneering International from a “buy” rating to a “hold” rating and cut their target price for the company from $36.00 to $28.00 in a research note on Wednesday, June 29th. JPMorgan Chase & Co. started coverage on shares of Oceaneering International in a research note on Wednesday, June 22nd. They set an “underweight” rating and a $23.00 target price for the company. Finally, Credit Suisse Group AG reissued a “hold” rating and issued a $27.00 price objective on shares of Oceaneering International in a research note on Thursday, June 2nd. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $39.03.
The firm has a market capitalization of $2.94 billion and a price-to-earnings ratio of 15.77. The company’s 50 day moving average is $31.87 and its 200-day moving average is $32.22.
Oceaneering International (NYSE:OII) last issued its earnings results on Monday, April 25th. The company reported $0.26 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.09. The firm had revenue of $608.34 million for the quarter, compared to analyst estimates of $641.85 million. The firm’s revenue was down 22.7% on a year-over-year basis. During the same period last year, the business earned $0.70 EPS. Equities research analysts expect that Oceaneering International Inc. will post $1.03 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 17th. Stockholders of record on Friday, May 27th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Wednesday, May 25th.
In other news, VP Stephen P. Barrett acquired 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The stock was purchased at an average price of $32.80 per share, with a total value of $32,800.00. Following the completion of the acquisition, the vice president now owns 20,218 shares of the company’s stock, valued at approximately $663,150.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director T Jay Collins sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $33.04, for a total transaction of $660,800.00. Following the completion of the sale, the director now directly owns 42,252 shares of the company’s stock, valued at approximately $1,396,006.08. The disclosure for this sale can be found here.
Several large investors have recently made changes to their positions in OII. Bank of Montreal Can raised its stake in shares of 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 in the last quarter. LSV Asset Management raised its position in shares of Oceaneering International by 29.7% in the fourth quarter. LSV Asset Management now owns 577,160 shares of the company’s stock valued at $21,655,000 after buying an additional 132,200 shares during the period. Vanguard Group Inc. raised its position in shares of Oceaneering International by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 7,137,581 shares of the company’s stock valued at $267,802,000 after buying an additional 124,727 shares during the period. State of Wisconsin Investment Board raised its position in shares of Oceaneering International by 19.1% in the fourth quarter. State of Wisconsin Investment Board now owns 326,894 shares of the company’s stock valued at $12,265,000 after buying an additional 52,472 shares during the period. Finally, Engineers Gate Manager LP bought a new position in shares of Oceaneering International during the fourth quarter valued at $1,671,000.
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).