Oceaneering International (NYSE:OII) Sets New 52-Week High – Here’s Why

Oceaneering International, Inc. (NYSE:OII)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.98 and last traded at $38.8520, with a volume of 1977032 shares changing hands. The stock had previously closed at $37.22.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OII. Barclays raised their target price on Oceaneering International from $23.00 to $32.00 and gave the stock an “equal weight” rating in a research report on Monday. Zacks Research raised Oceaneering International from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Wall Street Zen upgraded Oceaneering International from a “hold” rating to a “buy” rating in a report on Saturday. TD Cowen increased their price target on shares of Oceaneering International from $25.00 to $27.00 and gave the stock a “hold” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings raised shares of Oceaneering International from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.00.

Oceaneering International Stock Up 4.4%

The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 11.10 and a beta of 1.26. The business has a fifty day moving average of $28.75 and a 200 day moving average of $25.73. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.99 and a quick ratio of 1.68.

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

Insider Buying and Selling

In other Oceaneering International news, SVP Jennifer Fremont Simons sold 29,155 shares of the firm’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $26.35, for a total transaction of $768,234.25. Following the transaction, the senior vice president directly owned 52,344 shares in the company, valued at $1,379,264.40. This trade represents a 35.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Salomon & Ludwin LLC bought a new position in shares of Oceaneering International in the 3rd quarter valued at approximately $26,000. Wilmington Savings Fund Society FSB acquired a new position in Oceaneering International during the third quarter valued at approximately $28,000. Quarry LP bought a new position in shares of Oceaneering International in the third quarter valued at approximately $30,000. SBI Securities Co. Ltd. raised its position in shares of Oceaneering International by 255.1% in the third quarter. SBI Securities Co. Ltd. now owns 1,392 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 1,000 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Oceaneering International by 335.6% in the second quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company’s stock worth $30,000 after buying an additional 1,111 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Oceaneering International Company 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.