Empowered Funds LLC Invests $5.43 Million in Oceaneering International, Inc. $OII

Empowered Funds LLC bought a new stake in Oceaneering International, Inc. (NYSE:OII) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 134,103 shares of the oil and gas company’s stock, valued at approximately $5,434,000.

Several other hedge funds have also modified their holdings of the stock. BlackRock Inc. acquired a new position in Oceaneering International during the 2nd quarter worth approximately $664,659,000. Vanguard Group Inc. grew its holdings in Oceaneering International by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company’s stock valued at $297,279,000 after purchasing an additional 187,707 shares in the last quarter. State Street Corp increased its stake in Oceaneering International by 4.9% during the 4th quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company’s stock worth $111,673,000 after buying an additional 215,366 shares during the period. Morgan Stanley Institutional Investment Advisors LLC purchased a new stake in Oceaneering International during the 4th quarter worth $94,847,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Oceaneering International by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,477,068 shares of the oil and gas company’s stock worth $83,556,000 after buying an additional 191,117 shares in the last quarter. 93.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Barclays lifted their target price on Oceaneering International from $39.00 to $47.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Weiss Ratings downgraded Oceaneering International from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, August 14th. Finally, Citigroup raised their price objective on Oceaneering International from $40.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $45.00.

Oceaneering International Trading Up 2.3%

OII opened at $51.73 on Tuesday. The stock has a market capitalization of $5.15 billion, a PE ratio of 14.86 and a beta of 1.15. The firm’s fifty day moving average price is $46.22 and its 200 day moving average price is $40.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.18 and a quick ratio of 1.90. Oceaneering International, Inc. has a 12-month low of $22.02 and a 12-month high of $54.25.

Oceaneering International (NYSE:OII) last posted its quarterly earnings data on Wednesday, July 22nd. The oil and gas company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.17. The firm had revenue of $768.18 million for the quarter, compared to the consensus estimate of $735.69 million. Oceaneering International had a net margin of 12.19% and a return on equity of 18.40%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 EPS. As a group, research analysts expect that Oceaneering International, Inc. will post 2.1 EPS for the current fiscal year.

Insider Activity at Oceaneering International

In other news, Director M Kevin Mcevoy sold 3,000 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $47.92, for a total transaction of $143,760.00. Following the transaction, the director owned 134,133 shares of the company’s stock, valued at approximately $6,427,653.36. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Earl Childress sold 12,701 shares of Oceaneering International stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $46.71, for a total value of $593,263.71. Following the completion of the transaction, the senior vice president owned 22,876 shares of the company’s stock, valued at $1,068,537.96. This trade represents a 35.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 26,901 shares of company stock worth $1,277,904. Company insiders own 1.30% of the company’s stock.

Oceaneering International Profile

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.