Oceaneering International (OII) Shares Gap Down Following Analyst Downgrade

Oceaneering International (NYSE:OII) gapped down prior to trading on Monday after J P Morgan Chase & Co lowered their price target on the stock from $21.00 to $17.00. The stock had previously closed at $19.41, but opened at $19.04. J P Morgan Chase & Co currently has an underweight rating on the stock. Oceaneering International shares last traded at $19.76, with a volume of 1,380,039 shares trading hands.

Several other research firms have also commented on OII. Cowen and Company set a $28.00 price objective on shares of Oceaneering International and gave the company a “hold” rating in a research note on Friday, August 4th. Piper Jaffray Companies set a $26.00 price objective on shares of Oceaneering International and gave the company a “buy” rating in a research note on Sunday, July 30th. Deutsche Bank AG started coverage on shares of Oceaneering International in a research note on Tuesday, October 10th. They set a “hold” rating and a $28.00 price target for the company. Scotiabank set a $37.00 price target on shares of Oceaneering International and gave the stock a “buy” rating in a research note on Friday, July 28th. Finally, Barclays PLC started coverage on shares of Oceaneering International in a research note on Friday, October 6th. They set an “equal weight” rating and a $28.00 price target for the company. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $25.83.

In other news, Director Paul B. Murphy, Jr. sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $26.34, for a total value of $52,680.00. Following the completion of the sale, the director now owns 16,600 shares in the company, valued at approximately $437,244. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.91% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Meeder Asset Management Inc. increased its position in Oceaneering International by 121.2% during the 3rd quarter. Meeder Asset Management Inc. now owns 5,229 shares of the oil and gas company’s stock valued at $138,000 after purchasing an additional 2,865 shares during the period. Pacad Investment Ltd. boosted its holdings in shares of Oceaneering International by 231.3% in the 2nd quarter. Pacad Investment Ltd. now owns 5,300 shares of the oil and gas company’s stock valued at $121,000 after buying an additional 3,700 shares in the last quarter. LS Investment Advisors LLC boosted its holdings in shares of Oceaneering International by 18.4% in the 2nd quarter. LS Investment Advisors LLC now owns 7,650 shares of the oil and gas company’s stock valued at $175,000 after buying an additional 1,188 shares in the last quarter. Boys Arnold & Co. Inc. bought a new stake in shares of Oceaneering International in the 3rd quarter valued at about $210,000. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Oceaneering International by 19.3% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 9,326 shares of the oil and gas company’s stock valued at $213,000 after buying an additional 1,512 shares in the last quarter. 99.54% of the stock is currently owned by institutional investors and hedge funds.

The firm’s 50 day moving average price is $25.15 and its 200-day moving average price is $24.69. The stock’s market cap is $1.97 billion.

Oceaneering International (NYSE:OII) last released its earnings results on Wednesday, October 25th. The oil and gas company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). Oceaneering International had a negative return on equity of 0.47% and a negative net margin of 0.37%. The firm had revenue of $476.12 million for the quarter, compared to analysts’ expectations of $511.14 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The firm’s quarterly revenue was down 13.3% on a year-over-year basis. On average, equities analysts predict that Oceaneering International will post ($0.04) earnings per share for the current fiscal year.

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About Oceaneering International

Oceaneering International, Inc is an oilfield provider of engineered services and products, primarily to the offshore oil and gas industry, with a focus on deepwater applications. The Company’s business segments are contained within two businesses: services and products provided to the oil and gas industry (Oilfield) and all other services and products (Advanced Technologies).

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