Legal & General Group Plc Takes $9.83 Million Position in Oceaneering International, Inc. $OII

Legal & General Group Plc bought a new position in Oceaneering International, Inc. (NYSE:OII) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 242,503 shares of the oil and gas company’s stock, valued at approximately $9,826,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Oceaneering International in the second quarter valued at approximately $664,659,000. Vanguard Group Inc. increased its stake in shares of Oceaneering International by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 12,371,147 shares of the oil and gas company’s stock worth $297,279,000 after purchasing an additional 187,707 shares during the last quarter. State Street Corp increased its stake in shares of Oceaneering International by 4.9% during the 4th quarter. State Street Corp now owns 4,647,252 shares of the oil and gas company’s stock worth $111,673,000 after purchasing an additional 215,366 shares during the last quarter. Morgan Stanley Institutional Investment Advisors LLC bought a new position in shares of Oceaneering International during the 4th quarter valued at $94,847,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Oceaneering International by 5.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,477,068 shares of the oil and gas company’s stock valued at $83,556,000 after purchasing an additional 191,117 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

Oceaneering International Stock Up 2.3%

OII opened at $51.73 on Tuesday. Oceaneering International, Inc. has a 1-year low of $22.02 and a 1-year high of $54.25. The company has a current ratio of 2.18, a quick ratio of 1.90 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 14.86 and a beta of 1.15. The business has a 50 day moving average of $46.22 and a 200-day moving average of $40.02.

Oceaneering International (NYSE:OII) last announced its earnings results on Wednesday, July 22nd. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.17. The business had revenue of $768.18 million for the quarter, compared to analyst estimates of $735.69 million. Oceaneering International had a net margin of 12.19% and a return on equity of 18.40%. Oceaneering International’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.49 earnings per share. As a group, sell-side analysts anticipate that Oceaneering International, Inc. will post 2.1 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Citigroup raised their target price on Oceaneering International from $40.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, August 11th. Wall Street Zen cut Oceaneering International from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Barclays increased their price target on Oceaneering International from $39.00 to $47.00 and gave the company an “equal weight” rating in a report on Monday, July 27th. Finally, Weiss Ratings cut shares of Oceaneering International from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Oceaneering International has a consensus rating of “Hold” and an average price target of $45.00.

Insider Activity at Oceaneering International

In other news, SVP Earl Childress sold 12,701 shares of the business’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $46.71, for a total transaction of $593,263.71. Following the transaction, the senior vice president owned 22,876 shares in the company, valued at approximately $1,068,537.96. The trade was a 35.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Christopher J. Dyer sold 1,200 shares of the company’s stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $47.65, for a total transaction of $57,180.00. Following the transaction, the senior vice president directly owned 14,702 shares of the company’s stock, valued at $700,550.30. This represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 26,901 shares of company stock valued at $1,277,904. Company insiders own 1.30% 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.