Oceaneering International (NYSE:OII) Releases Quarterly Earnings Results, Misses Estimates By $0.07 EPS

Oceaneering International (NYSE:OII – Get Rating) issued its quarterly earnings results on Wednesday. The oil and gas company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.07), Briefing.com reports. The business had revenue of $524.03 million for the quarter, compared to analysts’ expectations of $521.02 million. Oceaneering International had a positive return on equity of 1.42% and a negative net margin of 3.15%. The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.10 EPS.

Oceaneering International Stock Down 12.2 %

Shares of NYSE OII traded down $1.37 during trading hours on Thursday, hitting $9.90. 116,474 shares of the stock were exchanged, compared to its average volume of 1,057,950. The company has a quick ratio of 2.11, a current ratio of 2.46 and a debt-to-equity ratio of 1.40. Oceaneering International has a 12 month low of $8.56 and a 12 month high of $18.20. The company has a market cap of $992.51 million, a PE ratio of -16.98 and a beta of 2.92. The firm has a fifty day moving average price of $11.00 and a 200-day moving average price of $12.98.

Insider Activity

In other Oceaneering International news, Director Steven A. Webster bought 25,000 shares of Oceaneering International stock in a transaction dated Thursday, June 23rd. The stock was acquired at an average cost of $8.72 per share, for a total transaction of $218,000.00. Following the completion of the transaction, the director now directly owns 99,208 shares of the company’s stock, valued at $865,093.76. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.01% of the company’s stock.

Institutional Trading of Oceaneering International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its holdings in Oceaneering International by 77.6% during the 1st quarter. Bank of America Corp DE now owns 409,067 shares of the oil and gas company’s stock valued at $6,200,000 after acquiring an additional 178,695 shares in the last quarter. Neuberger Berman Group LLC lifted its position in Oceaneering International by 2.6% during the first quarter. Neuberger Berman Group LLC now owns 75,950 shares of the oil and gas company’s stock valued at $1,189,000 after buying an additional 1,907 shares in the last quarter. Keeley Teton Advisors LLC purchased a new stake in shares of Oceaneering International during the first quarter valued at approximately $438,000. Jane Street Group LLC bought a new stake in shares of Oceaneering International in the first quarter worth $1,106,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Oceaneering International during the first quarter valued at $954,000. Institutional investors and hedge funds own 87.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Cowen set a $15.00 price objective on shares of Oceaneering International in a research report on Monday, June 20th. StockNews.com downgraded shares of Oceaneering International from a “buy” rating to a “hold” rating in a report on Wednesday, May 4th. Finally, Piper Sandler lifted their price target on shares of Oceaneering International from $22.50 to $25.00 and gave the company an “overweight” rating in a report on Monday, April 18th.

Oceaneering International Company Profile

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Oceaneering International, Inc provides engineered services, products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries worldwide. The company's Subsea Robotics segment provides remotely operated vehicles (ROVs) for drill support and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair.