Oceaneering International (NYSE:OII) Trading Down 4.6% – Here’s Why

Oceaneering International, Inc. (NYSE:OII) shares were down 4.6% on Wednesday . The company traded as low as $28.96 and last traded at $29.03. Approximately 258,387 shares changed hands during trading, a decline of 68% from the average daily volume of 813,076 shares. The stock had previously closed at $30.42.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays cut their price objective on shares of Oceaneering International from $24.00 to $22.00 and set an “underweight” rating on the stock in a report on Thursday, October 31st. Benchmark reaffirmed a “buy” rating and issued a $34.00 price target on shares of Oceaneering International in a report on Friday, October 25th.

Oceaneering International Stock Performance

The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 23.05 and a beta of 2.39. The company has a quick ratio of 1.46, a current ratio of 1.76 and a debt-to-equity ratio of 0.68. The stock has a 50 day simple moving average of $26.56 and a 200 day simple moving average of $25.36.

Oceaneering International (NYSE:OII) last announced its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.08). The firm had revenue of $679.81 million for the quarter, compared to analyst estimates of $693.69 million. Oceaneering International had a net margin of 5.22% and a return on equity of 15.11%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $0.38 EPS. As a group, analysts anticipate that Oceaneering International, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Transactions at Oceaneering International

In other news, Director Karen H. Beachy sold 3,300 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $22.94, for a total value of $75,702.00. Following the completion of the transaction, the director now directly owns 28,229 shares in the company, valued at $647,573.26. This trade represents a 10.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Oceaneering International

A number of institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its stake in shares of Oceaneering International by 3.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,928,780 shares of the oil and gas company’s stock worth $49,647,000 after acquiring an additional 57,193 shares in the last quarter. Tidal Investments LLC raised its position in Oceaneering International by 29.0% during the third quarter. Tidal Investments LLC now owns 13,057 shares of the oil and gas company’s stock valued at $325,000 after buying an additional 2,933 shares during the period. Geode Capital Management LLC boosted its position in Oceaneering International by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,279,039 shares of the oil and gas company’s stock worth $56,691,000 after acquiring an additional 26,328 shares during the period. Barclays PLC increased its holdings in shares of Oceaneering International by 334.5% in the 3rd quarter. Barclays PLC now owns 180,470 shares of the oil and gas company’s stock valued at $4,489,000 after purchasing an additional 138,931 shares during the period. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Oceaneering International in the third quarter worth approximately $395,000. 93.93% of the stock is currently owned by institutional investors and hedge funds.

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.