Oceaneering International (NYSE:OII) Sets New 1-Year High on Strong Earnings

Oceaneering International, Inc. (NYSE:OII)’s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $35.69 and last traded at $34.8680, with a volume of 451675 shares trading hands. The stock had previously closed at $33.09.

The oil and gas company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. Oceaneering International had a net margin of 8.21% and a return on equity of 22.94%. The firm had revenue of $668.57 million during the quarter, compared to analyst estimates of $678.16 million. During the same period in the previous year, the business posted $0.37 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Oceaneering International in a research note on Monday, December 29th. Barclays upped their target price on Oceaneering International from $22.00 to $23.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 28th. Zacks Research raised shares of Oceaneering International from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Wall Street Zen downgraded Oceaneering International from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, TD Cowen increased their price target on shares of Oceaneering International from $25.00 to $27.00 and gave the company a “hold” rating in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $25.00.

Insiders Place Their Bets

In other news, SVP Jennifer Fremont Simons sold 29,155 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $26.35, for a total value of $768,234.25. Following the transaction, the senior vice president owned 52,344 shares in the company, valued at $1,379,264.40. This represents a 35.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.10% of the company’s stock.

Institutional Trading of Oceaneering International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corient Private Wealth LLC lifted its stake in shares of Oceaneering International by 20.1% during the 4th quarter. Corient Private Wealth LLC now owns 12,440 shares of the oil and gas company’s stock valued at $299,000 after buying an additional 2,085 shares in the last quarter. State of Tennessee Department of Treasury lifted its stake in shares of Oceaneering International by 7.2% in the 4th quarter. State of Tennessee Department of Treasury now owns 52,577 shares of the oil and gas company’s stock valued at $1,263,000 after purchasing an additional 3,533 shares during the last quarter. EP Wealth Advisors LLC bought a new position in shares of Oceaneering International during the 4th quarter valued at approximately $630,000. Mackenzie Financial Corp raised its stake in shares of Oceaneering International by 9.1% in the fourth quarter. Mackenzie Financial Corp now owns 15,246 shares of the oil and gas company’s stock valued at $370,000 after acquiring an additional 1,275 shares during the period. Finally, NewEdge Advisors LLC raised its position in Oceaneering International by 2.9% in the 4th quarter. NewEdge Advisors LLC now owns 19,560 shares of the oil and gas company’s stock worth $470,000 after purchasing an additional 545 shares during the period. 93.93% of the stock is owned by hedge funds and other institutional investors.

Oceaneering International Stock Performance

The company has a debt-to-equity ratio of 0.53, a current ratio of 1.97 and a quick ratio of 1.68. The firm has a fifty day moving average price of $27.87 and a two-hundred day moving average price of $25.28. The stock has a market capitalization of $3.49 billion, a PE ratio of 15.30 and a beta of 1.26.

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.