Industry News

Oceaneering International (NYSE:OII) Position Trimmed by Eagle Asset Management Inc.

By September 1, 2019 No Comments

Eagle Asset Management Inc. decreased its holdings in shares of Oceaneering International (NYSE:OII) by 61.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,626 shares of the oil and gas company’s stock after selling 61,246 shares during the quarter. Eagle Asset Management Inc.’s holdings in Oceaneering International were worth $787,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC raised its holdings in shares of Oceaneering International by 8.7% during the first quarter. FMR LLC now owns 12,466,488 shares of the oil and gas company’s stock valued at $196,597,000 after acquiring an additional 1,001,484 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Oceaneering International by 1.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,934,281 shares of the oil and gas company’s stock valued at $96,005,000 after purchasing an additional 110,317 shares during the period. Fisher Asset Management LLC raised its stake in Oceaneering International by 1.1% during the 2nd quarter. Fisher Asset Management LLC now owns 3,594,899 shares of the oil and gas company’s stock valued at $73,300,000 after purchasing an additional 38,087 shares during the period. Majedie Asset Management Ltd raised its stake in Oceaneering International by 38.2% during the 1st quarter. Majedie Asset Management Ltd now owns 2,054,214 shares of the oil and gas company’s stock valued at $32,422,000 after purchasing an additional 568,311 shares during the period. Finally, Norges Bank bought a new stake in Oceaneering International during the 4th quarter valued at approximately $17,277,000. 94.22% of the stock is owned by institutional investors.

OII opened at $12.96 on Friday. The stock has a fifty day moving average price of $14.78 and a 200-day moving average price of $16.57. Oceaneering International has a 12 month low of $10.74 and a 12 month high of $28.62. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.43 and a quick ratio of 2.01.

Oceaneering International (NYSE:OII) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported ($0.32) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.07). Oceaneering International had a negative net margin of 9.49% and a negative return on equity of 4.38%. The business had revenue of $495.78 million for the quarter, compared to analyst estimates of $524.97 million. During the same period in the prior year, the company earned ($0.23) earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts expect that Oceaneering International will post -0.86 earnings per share for the current year.

Several brokerages recently issued reports on OII. Seaport Global Securities raised Oceaneering International from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Tuesday, May 7th. Cowen restated a “market perform” rating and set a $19.00 price target (up previously from $16.00) on shares of Oceaneering International in a report on Friday, May 3rd. ValuEngine cut Oceaneering International from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Barclays reiterated a “buy” rating and issued a $21.00 target price on shares of Oceaneering International in a report on Sunday, May 5th. Finally, Citigroup dropped their target price on Oceaneering International from $22.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $18.20.

Oceaneering International Company Profile

Oceaneering International, Inc provides engineered services and products to the offshore oil and gas industry, as well as to defense, aerospace, and commercial theme park industries worldwide. The company’s Remotely Operated Vehicles (ROVs) segment offers submersible vehicles for drill support, vessel-based inspection, maintenance and repair, installation and construction support, pipeline inspection and surveys, and subsea production facility operation and maintenance services.

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Institutional Ownership by Quarter for Oceaneering International (NYSE:OII)

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