Oceaneering International (NYSE:OII) Lowered to “Neutral” Rating by Citigroup

Oceaneering International (NYSE:OII) was downgraded by Citigroup from a “buy” rating to a “neutral” rating in a report issued on Friday, MarketBeat reports. They presently have a $30.00 target price on the oil and gas company’s stock. Citigroup’s price target would suggest a potential upside of 10.78% from the company’s current price.

Several other analysts have also recently commented on the stock. Benchmark restated a “buy” rating and set a $34.00 price target on shares of Oceaneering International in a report on Friday, October 25th. Barclays upgraded shares of Oceaneering International from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $22.00 to $26.00 in a report on Wednesday, December 18th. Finally, TD Cowen upped their price target on shares of Oceaneering International from $26.00 to $27.00 and gave the stock a “hold” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.25.

Oceaneering International Price Performance

Shares of NYSE:OII opened at $27.08 on Friday. The company’s fifty day moving average is $27.19 and its two-hundred day moving average is $26.06. The company has a market cap of $2.74 billion, a P/E ratio of 20.52 and a beta of 2.41. Oceaneering International has a 12-month low of $18.95 and a 12-month high of $30.98. The company has a quick ratio of 1.46, a current ratio of 1.76 and a debt-to-equity ratio of 0.68.

Oceaneering International (NYSE:OII) last posted its quarterly earnings results on Wednesday, October 23rd. The oil and gas company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.08). Oceaneering International had a net margin of 5.22% and a return on equity of 15.11%. The business had revenue of $679.81 million for the quarter, compared to analyst estimates of $693.69 million. During the same period in the previous year, the firm posted $0.38 earnings per share. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. Equities analysts expect that Oceaneering International will post 1.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OII. Algert Global LLC boosted its holdings in Oceaneering International by 23.1% in the third quarter. Algert Global LLC now owns 100,013 shares of the oil and gas company’s stock worth $2,487,000 after purchasing an additional 18,760 shares in the last quarter. Stifel Financial Corp lifted its position in shares of Oceaneering International by 51.8% in the third quarter. Stifel Financial Corp now owns 68,943 shares of the oil and gas company’s stock worth $1,715,000 after buying an additional 23,512 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Oceaneering International by 32.3% in the third quarter. Fisher Asset Management LLC now owns 132,363 shares of the oil and gas company’s stock worth $3,292,000 after buying an additional 32,297 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Oceaneering International by 21.0% during the 2nd quarter. Earnest Partners LLC now owns 6,365,214 shares of the oil and gas company’s stock worth $150,601,000 after acquiring an additional 1,105,263 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Oceaneering International by 334.5% during the 3rd quarter. Barclays PLC now owns 180,470 shares of the oil and gas company’s stock valued at $4,489,000 after acquiring an additional 138,931 shares during the last quarter. Institutional investors and hedge funds own 93.93% of the company’s stock.

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.