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

Posted by Defense World Staff on Sep 26th, 2023

Oceaneering International, Inc. (NYSE:OII – Get Free Report)’s share price gapped up prior to trading on Monday after Citigroup raised their price target on the stock from $27.00 to $31.00. The stock had previously closed at $24.22, but opened at $24.73. Citigroup currently has a buy rating on the stock. Oceaneering International shares last traded at $25.28, with a volume of 92,452 shares traded.

Separately, StockNews.com lowered shares of Oceaneering International from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th.

View Our Latest Analysis on Oceaneering International

Insider Activity at Oceaneering International

In related 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 transaction of $103,152.00. Following the completion of the sale, the senior vice president now directly owns 12,601 shares of the company’s stock, valued at approximately $270,795.49. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OII. Envestnet Asset Management Inc. bought a new position in Oceaneering International during the 1st quarter valued at $161,000. Advisor Group Holdings Inc. boosted its stake in Oceaneering International by 111.6% during the 1st quarter. Advisor Group Holdings Inc. now owns 3,100 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,635 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Oceaneering International by 8.0% during the 1st quarter. JPMorgan Chase & Co. now owns 831,624 shares of the oil and gas company’s stock valued at $12,608,000 after acquiring an additional 61,875 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Oceaneering International by 5.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,161,002 shares of the oil and gas company’s stock valued at $17,601,000 after acquiring an additional 63,235 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Oceaneering International by 1.7% in the 1st quarter. Citigroup Inc. now owns 96,060 shares of the oil and gas company’s stock worth $1,456,000 after buying an additional 1,617 shares during the last quarter. 91.91% of the stock is currently owned by institutional investors.

Oceaneering International Stock Performance

The stock’s 50-day moving average price is $22.89 and its 200-day moving average price is $19.53. The company has a current ratio of 2.24, a quick ratio of 1.90 and a debt-to-equity ratio of 1.27. The company has a market capitalization of $2.58 billion, a P/E ratio of 40.06 and a beta of 2.85.

Oceaneering International (NYSE:OII – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.12). Oceaneering International had a return on equity of 10.40% and a net margin of 2.89%. The business had revenue of $597.91 million during the quarter, compared to the consensus estimate of $600.33 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. As a group, equities analysts expect that Oceaneering International, Inc. will post 0.87 EPS for the current year.

Oceaneering International Company Profile

(Get Free Report)

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.