Zacks Research Downgrades Oceaneering International (NYSE:OII) to Hold

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

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

Oceaneering International Stock Performance

Oceaneering International stock traded down $0.26 during midday trading on Thursday, hitting $34.18. The stock had a trading volume of 935,002 shares, compared to its average volume of 1,437,922. The firm’s fifty day moving average is $30.61 and its two-hundred day moving average is $26.43. The company has a market capitalization of $3.40 billion, a PE ratio of 9.77 and a beta of 1.18. Oceaneering International has a 52-week low of $15.46 and a 52-week high of $39.00. The company has a current ratio of 1.99, a quick ratio of 1.72 and a debt-to-equity ratio of 0.45.

Oceaneering International (NYSE:OII) last issued its quarterly earnings results on Wednesday, February 18th. The oil and gas company reported $0.45 earnings per share for the quarter, beating the consensus estimate 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%. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.37 earnings per share. On average, research analysts forecast that Oceaneering International will post 1.78 EPS for the current year.

Insider Activity at Oceaneering International

In other Oceaneering International news, Director Karen H. Beachy sold 9,800 shares of Oceaneering International stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $37.41, for a total value of $366,618.00. Following the sale, the director directly owned 22,816 shares in the company, valued at approximately $853,546.56. The trade was a 30.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Earl Childress sold 22,518 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $37.41, for a total transaction of $842,398.38. Following the completion of the sale, the senior vice president owned 35,577 shares in the company, valued at approximately $1,330,935.57. The trade was a 38.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 140,844 shares of company stock valued at $4,972,594 in the last ninety days. Corporate insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Oceaneering International

Several institutional investors have recently added to or reduced their stakes in OII. Salomon & Ludwin LLC purchased a new stake in Oceaneering International during the 3rd quarter valued at $26,000. Wilmington Savings Fund Society FSB purchased a new position in Oceaneering International during the third quarter worth $28,000. EverSource Wealth Advisors LLC increased its position in Oceaneering International by 335.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,442 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 1,111 shares during the last quarter. Quarry LP bought a new position in Oceaneering International during the third quarter valued at $30,000. Finally, SBI Securities Co. Ltd. raised its stake 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 acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.