Oceaneering International (NYSE:OII) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Tuesday, Fintech Zoom reports. The brokerage currently has a $15.00 price target on the oil and gas company’s stock, up from their prior price target of $12.50. Bank of America‘s price target suggests a potential upside of 6.84% from the company’s current price.
A number of other research analysts also recently issued reports on the company. Barclays boosted their price target on Oceaneering International from $12.00 to $16.00 and gave the company an “overweight” rating in a report on Monday, March 1st. Citigroup upped their target price on Oceaneering International from $10.00 to $18.00 in a report on Tuesday, March 9th. Zacks Investment Research upgraded shares of Oceaneering International from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Tuesday, May 4th. Finally, Cowen boosted their price objective on shares of Oceaneering International from $10.00 to $14.00 and gave the company a “market perform” rating in a research report on Wednesday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $11.76.
Shares of Oceaneering International stock opened at $14.04 on Tuesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 2.27 and a current ratio of 2.61. Oceaneering International has a 52-week low of $3.31 and a 52-week high of $15.83. The company’s 50 day moving average price is $11.55 and its 200-day moving average price is $9.50. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -1.89 and a beta of 3.60.
Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, April 28th. The oil and gas company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.09. Oceaneering International had a negative net margin of 37.40% and a negative return on equity of 3.56%. The business had revenue of $437.55 million during the quarter, compared to analysts’ expectations of $429.05 million. During the same quarter in the prior year, the company posted $0.04 EPS. The firm’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities research analysts forecast that Oceaneering International will post -0.52 earnings per share for the current fiscal year.
In other news, Director M Kevin Mcevoy sold 68,539 shares of the business’s stock in a transaction on Friday, March 12th. The shares were sold at an average price of $14.50, for a total transaction of $993,815.50. Following the sale, the director now owns 159,909 shares in the company, valued at approximately $2,318,680.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.80% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Voloridge Investment Management LLC increased its stake in shares of Oceaneering International by 46.2% during the fourth quarter. Voloridge Investment Management LLC now owns 210,357 shares of the oil and gas company’s stock valued at $1,672,000 after purchasing an additional 66,480 shares in the last quarter. First Quadrant L P CA grew its stake in shares of Oceaneering International by 35.8% in the 1st quarter. First Quadrant L P CA now owns 74,800 shares of the oil and gas company’s stock worth $854,000 after buying an additional 19,700 shares during the last quarter. Panagora Asset Management Inc. increased its position in Oceaneering International by 2,247.2% during the 4th quarter. Panagora Asset Management Inc. now owns 58,562 shares of the oil and gas company’s stock valued at $466,000 after buying an additional 56,067 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Oceaneering International during the fourth quarter valued at $1,982,000. Finally, BlackRock Inc. boosted its holdings in Oceaneering International by 5.1% in the fourth quarter. BlackRock Inc. now owns 16,991,903 shares of the oil and gas company’s stock worth $135,085,000 after acquiring an additional 819,666 shares in the last quarter. 83.41% of the stock is currently owned by institutional investors and hedge funds.
About Oceaneering International
Oceaneering International, Inc provides engineered services and products to the offshore oil and gas, defense, aerospace, and commercial theme park industries worldwide. The company’s Subsea Robotics segment provides remotely operated vehicles (ROVs) to customers in the energy industry for drilling support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance and repair.
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