Oceaneering International (NYSE:OII) was the recipient of a significant growth in short interest in May. As of May 31st, there was short interest totalling 5,384,600 shares, a growth of 27.2% from the April 30th total of 4,232,500 shares. Currently, 5.5% of the company’s stock are sold short. Based on an average daily volume of 1,070,000 shares, the days-to-cover ratio is presently 5.0 days.
OII has been the topic of a number of recent research reports. ValuEngine upgraded Oceaneering International from a “hold” rating to a “buy” rating in a research note on Wednesday. SunTrust Banks set a $19.00 target price on Oceaneering International and gave the company a “hold” rating in a research note on Tuesday, February 26th. Goldman Sachs Group initiated coverage on Oceaneering International in a research note on Sunday, March 10th. They issued a “neutral” rating and a $18.00 target price on the stock. Citigroup set a $17.00 target price on Oceaneering International and gave the company a “hold” rating in a research note on Tuesday, February 26th. Finally, Jefferies Financial Group upgraded Oceaneering International from a “hold” rating to a “buy” rating and boosted their target price for the company from $15.00 to $18.00 in a research note on Friday, March 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. Oceaneering International currently has an average rating of “Hold” and a consensus target price of $21.71.
Shares of NYSE:OII traded up $0.06 on Thursday, reaching $19.47. The company had a trading volume of 30,686 shares, compared to its average volume of 947,748. Oceaneering International has a twelve month low of $10.74 and a twelve month high of $28.62. The stock has a market capitalization of $1.82 billion, a P/E ratio of -27.42 and a beta of 2.08. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.44 and a quick ratio of 2.03.
Several large investors have recently made changes to their positions in OII. Norges Bank acquired a new position in shares of Oceaneering International during the 4th quarter worth about $17,277,000. FMR LLC raised its holdings in Oceaneering International by 8.7% in the 1st quarter. FMR LLC now owns 12,466,488 shares of the oil and gas company’s stock valued at $196,597,000 after acquiring an additional 1,001,484 shares in the last quarter. Brandywine Global Investment Management LLC raised its holdings in Oceaneering International by 58.4% in the 4th quarter. Brandywine Global Investment Management LLC now owns 2,488,121 shares of the oil and gas company’s stock valued at $30,107,000 after acquiring an additional 917,174 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Oceaneering International by 65.0% in the 4th quarter. Van ECK Associates Corp now owns 1,761,332 shares of the oil and gas company’s stock valued at $21,312,000 after purchasing an additional 694,036 shares during the period. Finally, Majedie Asset Management Ltd lifted its holdings in Oceaneering International by 38.2% during the 1st quarter. Majedie Asset Management Ltd now owns 2,054,214 shares of the oil and gas company’s stock worth $32,422,000 after buying an additional 568,311 shares in the last quarter. 96.74% of the stock is owned by institutional investors.
Oceaneering International Company Profile
Oceaneering International, Inc provides engineered services and products to the offshore oil and gas industry, as well as to 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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