Oceaneering International (NYSE:OII) Rating Lowered to “Hold” at Zacks Research

Oceaneering International (NYSE:OII) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.

Other research analysts have also issued reports about the company. Barclays upped their price target on Oceaneering International from $23.00 to $32.00 and gave the stock an “equal weight” rating in a report on Monday, February 23rd. Wall Street Zen downgraded Oceaneering International from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. TD Cowen lifted their price objective on Oceaneering International from $28.00 to $34.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Weiss Ratings upgraded shares of Oceaneering International from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. One analyst has rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $30.33.

Oceaneering International Price Performance

NYSE OII opened at $34.18 on Thursday. The company has a 50 day simple moving average of $30.61 and a 200-day simple moving average of $26.43. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.99 and a quick ratio of 1.72. Oceaneering International has a 52-week low of $15.46 and a 52-week high of $39.00. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 9.77 and a beta of 1.18.

Oceaneering International (NYSE:OII) last posted its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. The business had revenue of $668.57 million for the quarter, compared to the consensus estimate of $678.16 million. Oceaneering International had a net margin of 12.71% and a return on equity of 21.58%. Oceaneering International’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.37 earnings per share. Equities research analysts predict that Oceaneering International will post 1.78 earnings per share for the current fiscal year.

Insider Buying and Selling at Oceaneering International

In other Oceaneering International news, SVP Holly Kriendler sold 5,798 shares of the company’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $37.31, for a total transaction of $216,323.38. Following the completion of the sale, the senior vice president directly owned 24,702 shares in the company, valued at $921,631.62. This represents a 19.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher J. Dyer sold 6,000 shares of Oceaneering International stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $38.08, for a total value of $228,480.00. Following the completion of the transaction, the senior vice president owned 15,902 shares in the company, valued at approximately $605,548.16. This represents a 27.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 140,844 shares of company stock worth $4,972,594 in the last three months. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Oceaneering International

A number of hedge funds have recently modified their holdings of the business. Corient Private Wealth LLC raised its position in shares of Oceaneering International by 20.1% during the fourth quarter. Corient Private Wealth LLC now owns 12,440 shares of the oil and gas company’s stock worth $299,000 after acquiring an additional 2,085 shares during the last quarter. State of Tennessee Department of Treasury raised its position in shares of Oceaneering International by 7.2% during the fourth quarter. State of Tennessee Department of Treasury now owns 52,577 shares of the oil and gas company’s stock worth $1,263,000 after purchasing an additional 3,533 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Oceaneering International during the fourth quarter valued at about $630,000. Mackenzie Financial Corp raised its stake in shares of Oceaneering International by 9.1% in the fourth quarter. Mackenzie Financial Corp now owns 15,246 shares of the oil and gas company’s stock worth $370,000 after purchasing an additional 1,275 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Oceaneering International by 2.9% during the 4th quarter. NewEdge Advisors LLC now owns 19,560 shares of the oil and gas company’s stock worth $470,000 after acquiring an additional 545 shares during 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.