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.
A number of research firms have issued reports on OII. Goldman Sachs Group Inc. upgraded Oceaneering International from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $37.00 to $40.50 in a report on Friday, March 11th. Societe Generale upgraded Oceaneering International from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Friday, April 29th. Credit Suisse Group AG reiterated a “hold” rating and issued a $27.00 price objective on shares of Oceaneering International in a report on Thursday, June 2nd. Morgan Stanley increased their price objective on Oceaneering International from $30.00 to $34.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 19th. Finally, Zacks Investment Research downgraded Oceaneering International from a “hold” rating to a “sell” rating in a report on Tuesday. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $39.03.
The stock has a market cap of $2.88 billion and a price-to-earnings ratio of 15.46. The stock has a 50-day moving average of $31.80 and a 200 day moving average of $32.20.
Oceaneering International (NYSE:OII) last issued its earnings results on Monday, April 25th. The company reported $0.26 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.09. During the same period in the previous year, the business posted $0.70 earnings per share. The business earned $608.34 million during the quarter, compared to analyst estimates of $641.85 million. The firm’s quarterly revenue was down 22.7% compared to the same quarter last year. Equities analysts anticipate that Oceaneering International Inc. will post $1.03 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 17th. Shareholders of record on Friday, May 27th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date was Wednesday, May 25th.
In related news, VP Stephen P. Barrett purchased 1,000 shares of Oceaneering International stock in a transaction dated Wednesday, June 29th. The stock was purchased at an average cost of $28.91 per share, with a total value of $28,910.00. Following the transaction, the vice president now owns 21,718 shares in the company, valued at approximately $627,867.38. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director T Jay Collins sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 31st. The stock was sold at an average price of $33.04, for a total value of $660,800.00. Following the completion of the transaction, the director now directly owns 42,252 shares of the company’s stock, valued at $1,396,006.08. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently added to or reduced their stakes in OII. Russell Frank Co raised its position in Oceaneering International by 24.5% in the fourth quarter. Russell Frank Co now owns 140,592 shares of the company’s stock valued at $5,265,000 after buying an additional 27,667 shares during the last quarter. California State Teachers Retirement System raised its position in Oceaneering International by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 187,794 shares of the company’s stock valued at $7,046,000 after buying an additional 3,003 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Oceaneering International by 0.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 43,236 shares of the company’s stock valued at $1,622,000 after buying an additional 200 shares during the last quarter. Swiss National Bank raised its position in Oceaneering International by 1.0% in the fourth quarter. Swiss National Bank now owns 177,500 shares of the company’s stock valued at $6,660,000 after buying an additional 1,700 shares during the last quarter. Finally, LSV Asset Management raised its position in 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 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).