Oceaneering International (NYSE:OII) Shares Gap Down Following Analyst Downgrade

Oceaneering International, Inc. (NYSE:OII) shares gapped down before the market opened on Wednesday after Barclays lowered their price target on the stock from $26.00 to $22.00. The stock had previously closed at $20.15, but opened at $19.64. Barclays currently has an equal weight rating on the stock. Oceaneering International shares last traded at $19.19, with a volume of 89,907 shares trading hands.

Other equities research analysts have also recently issued research reports about the stock. TD Cowen lifted their price objective on shares of Oceaneering International from $26.00 to $27.00 and gave the company a “hold” rating in a research report on Wednesday, January 8th. Citigroup cut shares of Oceaneering International from a “buy” rating to a “neutral” rating and set a $30.00 price target on the stock. in a research note on Friday, January 10th. StockNews.com lowered Oceaneering International from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Pickering Energy Partners cut Oceaneering International from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $28.25.

Hedge Funds Weigh In On Oceaneering International

A number of institutional investors and hedge funds have recently made changes to their positions in OII. Creative Planning grew its position in Oceaneering International by 43.1% in the third quarter. Creative Planning now owns 12,522 shares of the oil and gas company’s stock worth $311,000 after acquiring an additional 3,771 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Oceaneering International by 3,594.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,958 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 1,905 shares during the period. Principal Financial Group Inc. increased its position in shares of Oceaneering International by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 510,880 shares of the oil and gas company’s stock valued at $12,706,000 after purchasing an additional 7,037 shares during the last quarter. Beacon Harbor Wealth Advisors Inc. purchased a new stake in Oceaneering International during the 3rd quarter valued at $6,106,000. Finally, Atria Investments Inc lifted its position in Oceaneering International by 77.5% in the third quarter. Atria Investments Inc now owns 19,358 shares of the oil and gas company’s stock worth $481,000 after buying an additional 8,453 shares during the last quarter. 93.93% of the stock is owned by hedge funds and other institutional investors.

Oceaneering International Price Performance

The firm has a market cap of $2.12 billion, a P/E ratio of 13.27 and a beta of 2.38. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.74 and a quick ratio of 1.46. The stock’s 50-day simple moving average is $25.24 and its two-hundred day simple moving average is $25.82.

Oceaneering International (NYSE:OII) last issued its quarterly earnings results on Wednesday, February 19th. The oil and gas company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.02). The firm had revenue of $713.45 million for the quarter, compared to the consensus estimate of $681.60 million. Oceaneering International had a net margin of 5.54% and a return on equity of 17.29%. Equities research analysts forecast that Oceaneering International, Inc. will post 1.78 earnings per share for the current fiscal year.

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.