Oceaneering International (NYSE:OII) Shares Down 4.6% – Here’s Why

Oceaneering International, Inc. (NYSE:OII) shares were down 4.6% during mid-day trading on Wednesday . The stock traded as low as $28.96 and last traded at $29.03. Approximately 258,387 shares changed hands during trading, a decline of 68% from the average daily volume of 813,076 shares. The stock had previously closed at $30.42.

Analyst Upgrades and Downgrades

OII has been the subject of several recent research reports. Barclays cut their price target on Oceaneering International from $24.00 to $22.00 and set an “underweight” rating for the company in a report on Thursday, October 31st. Benchmark restated a “buy” rating and issued a $34.00 target price on shares of Oceaneering International in a research note on Friday, October 25th.

Oceaneering International Price Performance

The company has a quick ratio of 1.46, a current ratio of 1.76 and a debt-to-equity ratio of 0.68. The company’s 50-day moving average is $26.72 and its 200-day moving average is $25.41. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 20.85 and a beta of 2.39.

Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.36 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.08). Oceaneering International had a net margin of 5.22% and a return on equity of 15.11%. The company had revenue of $679.81 million during the quarter, compared to analyst estimates of $693.69 million. During the same period in the prior year, the firm earned $0.38 EPS. Oceaneering International’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities research analysts expect that Oceaneering International, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Transactions at Oceaneering International

In other news, Director Karen H. Beachy sold 3,300 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $22.94, for a total transaction of $75,702.00. Following the sale, the director now owns 28,229 shares in the company, valued at approximately $647,573.26. This represents a 10.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Oceaneering International

A number of institutional investors have recently modified their holdings of OII. Wedge Capital Management L L P NC increased its position in Oceaneering International by 0.7% in the second quarter. Wedge Capital Management L L P NC now owns 66,685 shares of the oil and gas company’s stock worth $1,578,000 after purchasing an additional 450 shares during the period. Arizona State Retirement System grew its position in shares of Oceaneering International by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 28,222 shares of the oil and gas company’s stock worth $668,000 after buying an additional 540 shares during the period. Captrust Financial Advisors raised its stake in shares of Oceaneering International by 3.9% during the third quarter. Captrust Financial Advisors now owns 15,271 shares of the oil and gas company’s stock worth $380,000 after buying an additional 578 shares during the last quarter. HighTower Advisors LLC lifted its holdings in Oceaneering International by 6.3% in the third quarter. HighTower Advisors LLC now owns 11,616 shares of the oil and gas company’s stock valued at $286,000 after buying an additional 687 shares during the period. Finally, Isthmus Partners LLC boosted its stake in Oceaneering International by 0.9% in the second quarter. Isthmus Partners LLC now owns 111,125 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 968 shares during the last quarter. 93.93% of the stock is owned by institutional investors.

Oceaneering International Company Profile

Oceaneering International, Inc provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. It operates through Subsea Robotics, Manufactured Products, Offshore Projects Group, Integrity Management & Digital Solutions, and Aerospace and Defense Technologies segments.