Citigroup Forecasts Strong Price Appreciation for Oceaneering International (NYSE:OII) Stock

Oceaneering International (NYSE:OII) had its price target lifted by equities researchers at Citigroup from $35.00 to $40.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would suggest a potential upside of 11.04% from the company’s previous close.

Several other research firms have also weighed in on OII. Wall Street Zen lowered shares of Oceaneering International from a “buy” rating to a “hold” rating in a research note on Sunday, March 1st. Barclays lifted their price target on shares of Oceaneering International from $32.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Zacks Research downgraded Oceaneering International from a “strong-buy” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Oceaneering International in a report on Friday, May 22nd. Finally, TD Cowen increased their price target on Oceaneering International from $34.00 to $36.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $38.33.

Oceaneering International Trading Up 1.5%

Shares of OII stock traded up $0.52 during trading hours on Thursday, reaching $36.02. The company had a trading volume of 782,344 shares, compared to its average volume of 1,159,013. Oceaneering International has a 1-year low of $20.21 and a 1-year high of $40.21. The company has a debt-to-equity ratio of 0.44, a current ratio of 2.08 and a quick ratio of 1.79. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 10.67 and a beta of 1.16. The company has a 50 day moving average of $37.82 and a 200 day moving average of $33.06.

Oceaneering International (NYSE:OII) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.05). Oceaneering International had a net margin of 12.12% and a return on equity of 18.35%. The company had revenue of $692.43 million during the quarter, compared to the consensus estimate of $671.35 million. During the same quarter in the prior year, the company posted $0.43 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, equities research analysts anticipate that Oceaneering International will post 1.89 EPS for the current year.

Insiders Place Their Bets

In other Oceaneering International news, CEO Roderick A. Larson sold 5,000 shares of the company’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $38.27, for a total value of $191,350.00. Following the transaction, the chief executive officer directly owned 397,279 shares in the company, valued at $15,203,867.33. The trade was a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OII. Wilmington Savings Fund Society FSB bought a new position in Oceaneering International during the third quarter worth about $28,000. Quarry LP acquired a new position in shares of Oceaneering International during the 3rd quarter worth $30,000. EverSource Wealth Advisors LLC lifted its holdings 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 acquiring an additional 1,111 shares during the last quarter. Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Oceaneering International during the first quarter worth $53,000. Finally, Hantz Financial Services Inc. increased its holdings in Oceaneering International by 248.8% in the 4th quarter. Hantz Financial Services Inc. now owns 2,281 shares of the oil and gas company’s stock worth $55,000 after purchasing an additional 1,627 shares in the last quarter. 93.93% of the stock is owned by institutional investors and hedge funds.

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.