Oceaneering International (NYSE:OII) Shares Gap Up After Analyst Upgrade

Posted by Defense World Staff on Aug 12th, 2023

Oceaneering International, Inc. (NYSE:OII – Get Free Report)’s share price gapped up prior to trading on Friday after Citigroup raised their price target on the stock from $23.00 to $27.00. The stock had previously closed at $21.30, but opened at $21.73. Citigroup currently has a buy rating on the stock. Oceaneering International shares last traded at $21.74, with a volume of 52,406 shares.

Separately, StockNews.com upgraded shares of Oceaneering International from a “hold” rating to a “buy” rating in a research note on Tuesday.

Check Out Our Latest Stock Analysis on OII

Insider Activity

In other Oceaneering International news, SVP Christopher J. Dyer sold 4,800 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $21.49, for a total value of $103,152.00. Following the completion of the transaction, the senior vice president now owns 12,601 shares of the company’s stock, valued at $270,795.49. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Deanna L. Goodwin sold 48,303 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $16.57, for a total value of $800,380.71. Following the sale, the director now owns 19,899 shares in the company, valued at $329,726.43. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher J. Dyer sold 4,800 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $21.49, for a total transaction of $103,152.00. Following the transaction, the senior vice president now directly owns 12,601 shares of the company’s stock, valued at $270,795.49. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Earnest Partners LLC purchased a new position in Oceaneering International in the fourth quarter valued at $85,713,000. Neuberger Berman Group LLC raised its holdings in Oceaneering International by 3,211.0% in the 4th quarter. Neuberger Berman Group LLC now owns 1,745,103 shares of the oil and gas company’s stock worth $30,522,000 after purchasing an additional 1,692,397 shares during the period. New York State Common Retirement Fund boosted its position in Oceaneering International by 1,471.4% during the fourth quarter. New York State Common Retirement Fund now owns 1,112,846 shares of the oil and gas company’s stock worth $19,464,000 after purchasing an additional 1,042,026 shares in the last quarter. Norges Bank acquired a new stake in Oceaneering International in the fourth quarter valued at approximately $16,865,000. Finally, Franklin Resources Inc. increased its position in shares of Oceaneering International by 117.6% in the fourth quarter. Franklin Resources Inc. now owns 968,411 shares of the oil and gas company’s stock valued at $16,938,000 after buying an additional 523,438 shares in the last quarter. Hedge funds and other institutional investors own 92.53% of the company’s stock.

Oceaneering International Trading Up 3.1 %

The company has a 50 day moving average price of $20.18 and a two-hundred day moving average price of $18.98. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of 34.33 and a beta of 2.86. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.90 and a current ratio of 2.24.

Oceaneering International (NYSE:OII – Get Free Report) last announced its earnings results on Wednesday, July 26th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.12). Oceaneering International had a net margin of 2.89% and a return on equity of 10.40%. The company had revenue of $597.91 million during the quarter, compared to analyst estimates of $600.33 million. During the same quarter last year, the business earned $0.07 EPS. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, research analysts forecast that Oceaneering International, Inc. will post 1 EPS for the current year.

About Oceaneering International

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Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair.