Piper Sandler Boosts Oceaneering International (NYSE:OII) Price Target to $5.80

Oceaneering International (NYSE:OII) had its target price raised by Piper Sandler from $3.65 to $5.80 in a research report released on Wednesday morning, BenzingaRatingsTable reports. They currently have a neutral rating on the oil and gas company’s stock. Piper Sandler also issued estimates for Oceaneering International’s Q3 2020 earnings at ($0.34) EPS, Q4 2020 earnings at ($0.38) EPS, Q1 2021 earnings at ($0.38) EPS, Q2 2021 earnings at ($0.35) EPS, Q3 2021 earnings at ($0.34) EPS, Q4 2021 earnings at ($0.36) EPS, FY2021 earnings at ($1.44) EPS and FY2022 earnings at ($1.13) EPS.

A number of other research analysts have also recently commented on OII. Cfra decreased their price target on Oceaneering International from $12.00 to $5.00 and set a hold rating on the stock in a research report on Thursday, May 14th. Cowen lifted their price target on Oceaneering International from $5.50 to $6.00 and gave the company a market perform rating in a research note on Friday, August 7th. Citigroup raised Oceaneering International from a neutral rating to a buy rating and lifted their price objective for the stock from $4.00 to $7.00 in a research note on Friday, April 24th. Finally, Capital One Financial reaffirmed an equal weight rating on shares of Oceaneering International in a research note on Thursday, July 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $11.21.

Shares of NYSE:OII opened at $6.07 on Wednesday. The company has a current ratio of 2.50, a quick ratio of 2.15 and a debt-to-equity ratio of 1.55. The stock has a market capitalization of $636.45 million, a P/E ratio of -0.88 and a beta of 3.23. The business has a 50-day moving average price of $5.97 and a two-hundred day moving average price of $6.81. Oceaneering International has a 1-year low of $2.01 and a 1-year high of $15.99.

Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported ($0.14) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.07. The company had revenue of $427.22 million during the quarter, compared to analysts’ expectations of $458.30 million. Oceaneering International had a negative return on equity of 4.16% and a negative net margin of 33.67%. Oceaneering International’s revenue was down 13.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.32) EPS. As a group, equities analysts predict that Oceaneering International will post -0.57 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. First Trust Advisors LP increased its position in Oceaneering International by 141.7% during the 1st quarter. First Trust Advisors LP now owns 140,671 shares of the oil and gas company’s stock valued at $2,218,000 after buying an additional 82,474 shares in the last quarter. Geode Capital Management LLC increased its stake in Oceaneering International by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,285,369 shares of the oil and gas company’s stock worth $19,164,000 after acquiring an additional 6,630 shares during the last quarter. Norges Bank bought a new stake in Oceaneering International during the fourth quarter worth approximately $19,520,000. Nuveen Asset Management LLC increased its stake in Oceaneering International by 57.7% during the fourth quarter. Nuveen Asset Management LLC now owns 895,084 shares of the oil and gas company’s stock worth $13,346,000 after acquiring an additional 327,635 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Oceaneering International by 19.2% during the first quarter. State of Alaska Department of Revenue now owns 89,011 shares of the oil and gas company’s stock worth $261,000 after acquiring an additional 14,363 shares during the last quarter. Institutional investors and hedge funds own 88.39% of the company’s stock.

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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