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

Shares of Oceaneering International, Inc. (NYSE:OII) 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.

A number of other research analysts also recently issued reports on the company. Pickering Energy Partners downgraded Oceaneering International from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 14th. TD Cowen raised their target price on shares of Oceaneering International from $26.00 to $27.00 and gave the stock a “hold” rating in a research report on Wednesday, January 8th. Citigroup downgraded shares of Oceaneering International from a “buy” rating to a “neutral” rating and set a $30.00 price target for the company. in a research report on Friday, January 10th. Finally, StockNews.com cut shares of Oceaneering International from a “buy” rating to a “hold” rating in a research note on Saturday, March 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $28.25.

Institutional Investors Weigh In On Oceaneering International

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

Oceaneering International Stock Performance

The stock’s 50-day moving average is $25.14 and its 200 day moving average is $25.78. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 13.34 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.

Oceaneering International (NYSE:OII) last posted 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). Oceaneering International had a net margin of 5.54% and a return on equity of 17.29%. The business had revenue of $713.45 million during the quarter, compared to analyst estimates of $681.60 million. As a group, analysts predict that Oceaneering International, Inc. will post 1.78 earnings per share for the current fiscal year.

About Oceaneering International

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.