Hancock Holding Co. Takes $6.81 Million Position in Oceaneering International, Inc. (OII)
Hancock Holding Co. acquired a new position in shares of Oceaneering International, Inc. (NYSE:OII) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 297,955 shares of the oil and gas company’s stock, valued at approximately $6,805,000. Hancock Holding Co. owned 0.30% of Oceaneering International at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in OII. Pacad Investment Ltd. grew its holdings in Oceaneering International by 231.3% during the second quarter. Pacad Investment Ltd. now owns 5,300 shares of the oil and gas company’s stock worth $121,000 after acquiring an additional 3,700 shares during the period. Westpac Banking Corp acquired a new position in Oceaneering International during the first quarter worth $144,000. LS Investment Advisors LLC grew its holdings in Oceaneering International by 18.4% during the second quarter. LS Investment Advisors LLC now owns 7,650 shares of the oil and gas company’s stock worth $175,000 after acquiring an additional 1,188 shares during the period. Teacher Retirement System of Texas grew its holdings in Oceaneering International by 4.0% during the first quarter. Teacher Retirement System of Texas now owns 7,808 shares of the oil and gas company’s stock worth $211,000 after acquiring an additional 300 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Oceaneering International by 7.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 7,814 shares of the oil and gas company’s stock worth $212,000 after acquiring an additional 560 shares during the period. 99.71% of the stock is currently owned by hedge funds and other institutional investors.
Oceaneering International (NYSE:OII) last issued its earnings results on Wednesday, July 26th. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.03. The business had revenue of $515.04 million for the quarter, compared to analysts’ expectations of $481.86 million. Oceaneering International had a positive return on equity of 1.14% and a negative net margin of 1.41%. The company’s quarterly revenue was down 17.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.23 EPS.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, August 25th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Wednesday, August 23rd. Oceaneering International’s payout ratio is -206.90%.
In related news, VP W Cardon Gerner sold 2,000 shares of Oceaneering International stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $25.76, for a total value of $51,520.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.91% of the company’s stock.
A number of research analysts recently weighed in on OII shares. Zacks Investment Research raised Oceaneering International from a “sell” rating to a “hold” rating in a report on Saturday, July 15th. Morgan Stanley lowered Oceaneering International from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $33.00 to $28.00 in a report on Wednesday, June 21st. Scotiabank set a $37.00 price objective on Oceaneering International and gave the stock a “buy” rating in a report on Tuesday, June 13th. Wolfe Research lowered Oceaneering International from a “market perform” rating to an “underperform” rating in a report on Tuesday, June 6th. Finally, J P Morgan Chase & Co lowered their target price on Oceaneering International from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Tuesday, September 12th. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. Oceaneering International currently has an average rating of “Hold” and an average price target of $28.55.
About Oceaneering International
Oceaneering International, Inc is an oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. The Company’s business segments are contained within two businesses: services and products provided to the oil and gas industry (Oilfield) and all other services and products (Advanced Technologies).
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