Oceaneering International (NYSE:OII) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “One of the leading suppliers of integrated technology solutions, Oceaneering International is well positioned to supply equipment for the deep-water projects and is active at all the phases of the offshore oilfield lifecycle. The buyout of Ecosse Subsea Limited extended OII’s service line capabilities within the offshore renewable energy market. The company’s strong balance sheet with ample liquidity and manageable debt-to-capital also bode well. However, OII is exposed to weakness in the offshore services market, which is likely to remain challenging throughout 2019. Tough industry conditions have also impacted Oceaneering's Subsea Products volume and backlog. Free cash flow concerns and the absence of a dividend are other headwinds in the Oceaneering story. Considering these factors, the company is expected to perform in line with the industry.”
OII has been the subject of a number of other reports. Citigroup set a $21.00 price objective on shares of Oceaneering International and gave the stock a “hold” rating in a research note on Monday, November 12th. JPMorgan Chase & Co. started coverage on shares of Oceaneering International in a research note on Thursday, January 17th. They set an “underweight” rating for the company. ValuEngine raised shares of Oceaneering International from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Barclays dropped their price objective on shares of Oceaneering International from $20.00 to $18.00 and set a “hold” rating for the company in a research note on Monday, October 29th. Finally, TheStreet cut shares of Oceaneering International from a “c-” rating to a “d+” rating in a research note on Tuesday, November 20th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. Oceaneering International has an average rating of “Hold” and an average price target of $23.42.
Shares of OII opened at $15.46 on Tuesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.50 and a quick ratio of 2.10. Oceaneering International has a 1-year low of $10.74 and a 1-year high of $28.62. The company has a market cap of $1.50 billion, a PE ratio of -220.86 and a beta of 2.02.
Oceaneering International (NYSE:OII) last issued its quarterly earnings data on Wednesday, February 13th. The oil and gas company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.26) by $0.33. Oceaneering International had a net margin of 1.34% and a negative return on equity of 5.33%. The business had revenue of $495.10 million during the quarter, compared to analysts’ expectations of $488.12 million. During the same period last year, the company posted ($0.08) EPS. The company’s revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts expect that Oceaneering International will post -1.1 earnings per share for the current fiscal year.
In other news, VP Alan R. Curtis bought 5,000 shares of the stock in a transaction on Friday, December 21st. The stock was purchased at an average cost of $11.50 per share, with a total value of $57,500.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP David K. Lawrence bought 2,500 shares of the stock in a transaction on Friday, December 28th. The stock was purchased at an average cost of $11.99 per share, with a total value of $29,975.00. The disclosure for this purchase can be found here. 1.10% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its stake in Oceaneering International by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 1,049,604 shares of the oil and gas company’s stock worth $12,700,000 after acquiring an additional 62,205 shares during the period. Neuburgh Advisers LLC boosted its holdings in shares of Oceaneering International by 19.3% in the 4th quarter. Neuburgh Advisers LLC now owns 10,896 shares of the oil and gas company’s stock valued at $132,000 after purchasing an additional 1,760 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Oceaneering International by 1.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,934,281 shares of the oil and gas company’s stock valued at $96,005,000 after purchasing an additional 110,317 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Oceaneering International by 42.9% in the 4th quarter. Hsbc Holdings PLC now owns 38,406 shares of the oil and gas company’s stock valued at $465,000 after purchasing an additional 11,522 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Oceaneering International by 14.2% in the 4th quarter. Great West Life Assurance Co. Can now owns 62,922 shares of the oil and gas company’s stock valued at $705,000 after purchasing an additional 7,816 shares during the last quarter.
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 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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