September 26, 2023
Hennessy Advisors Inc. Reduces Stake in Oceaneering International, Inc.
Investment management firm, Hennessy Advisors Inc., has recently revealed a reduction in its stake in Oceaneering International, Inc. by 5.5% during the second quarter of this year. The company made the disclosure in its most recent 13F filing with the Securities & Exchange Commission (SEC). At the end of the quarter, Hennessy Advisors Inc. owned approximately 153,200 shares of Oceaneering International’s stock after selling 9,000 shares. Based on market value calculations, this equated to approximately $2,865,000 worth of shares held by Hennessy Advisors Inc., accounting for around 0.15% ownership.
Oceaneering International (NYSE:OII) issued their earnings results for the second quarter on July 26th this year. The oil and gas company reported an EPS (earnings per share) of $0.18 for the period, falling short of the consensus estimate by ($0.12). Despite this miss, Oceaneering International displayed a return on equity of 10.40% and a net margin of 2.89%. The company generated revenue totaling $597.91 million during the quarter against a consensus estimate of $600.33 million. In comparison to the same period last year, Oceaneering International experienced a healthy 14.1% increase in revenue growth during these three months.
Equities research analysts have forecasted that Oceaneering International will post an EPS figure of approximately $0.87 for the current fiscal year.
In other news related to Oceaneering International’s stock activity, Senior Vice President Christopher J. Dyer sold off 4,800 shares in a transaction that occurred on August 4th at an average price of $21.49 per share, resulting in a total transactional value of $103,152. Following this sale, Dyer now holds 12,601 shares in the company, which are valued at approximately $270,795.49. Disclosed in a document filed with the SEC, this transaction can be accessed via the hyperlink provided. Currently, insiders hold a 2.30% stake in Oceaneering International.
These recent developments highlight the ongoing changes and fluctuations in ownership and market activity for Oceaneering International. Investors will continue to monitor these updates carefully as they evaluate their investment strategies and decisions moving forward.
Note: All information provided is based on publicly available sources and does not constitute financial advice.
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Large Institutional Investors Show Confidence in Oceaneering International’s Potential
Oceaneering International, Inc. (OII), a leading oil and gas company, has recently seen significant activity from large investors in the market. One of these investors is Earnest Partners LLC, who acquired a new position in OII during the fourth quarter of last year. The value of this position was estimated to be around $85,713,000, indicating a substantial investment.
Another major investor, Neuberger Berman Group LLC, saw an increase in their holdings of Oceaneering International by 3,211.0% during the same period. They now own 1,745,103 shares of the company’s stock which are valued at approximately $30,522,000. This indicates a high level of confidence in OII’s future prospects.
Similarly, Norges Bank also entered into a new position with Oceaneering International during the fourth quarter of last year. Their investment was valued at around $16,865,000, showcasing their belief in the company’s potential growth.
Franklin Resources Inc., another notable investor, significantly raised its holdings in Oceaneering International by 117.6% during the same period. They now possess 968,411 shares of the company’s stock with an estimated value of $16,938,000. This heightened level of investment suggests that Franklin Resources Inc. perceives OII as an opportunity for financial gain.
In addition to these investors’ activities with Oceaneering International stock during the previous quarters and years respectively; recently Balyasny Asset Management LLC entered into a new position in Q3 (Third Quarter) with an approximate worth which sums up to about $3.7 million.
The ownership structure is quite interesting as well since nearly 92% percent of the stock is owned by institutional investors like those mentioned above – making it apparent that these investors have faith in Oceaneering International’s performance and potential future successes.
On Tuesday, OII shares opened at $25.64. The company has experienced a 12-month low of $7.25 and a 12-month high of $26.35, showing significant volatility in its stock price during this time period. The 50-day moving average stands at $22.89, whereas the 200-day moving average is recorded as $19.53.
Oceaneering International currently boasts a market capitalization of approximately $2.58 billion, indicating its significance within the industry. With a PE ratio of 40.06 and a beta of 2.85, the stock demonstrates higher volatility compared to the overall market.
In terms of financial health, the company displays favorable liquidity ratios with a current ratio of 2.24 and a quick ratio of 1.90. This suggests that Oceaneering International is well-positioned to meet its short-term obligations without facing significant financial strain.
Several research analysts have also shared their insights on OII shares recently. Citigroup increased their price target from $27 to $31, labeling the stock as a “buy”. Conversely, StockNews.com downgraded it from a “buy” rating to “hold” rating on Wednesday, August 16th.
Given these details and analyses from various experts in the field, investors should consider examining Oceaneering International as an option for potential investment opportunities in the oil and gas sector (Reference date: September 26, 2023).
