Edgestream Partners Acquires Shares in Oceaneering International

Investment firm Edgestream Partners L.P. has expanded its portfolio by acquiring a new position in Oceaneering International, Inc. (NYSE:OII) during the first quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Edgestream purchased 231,018 shares of the oil and gas company, amounting to approximately $5,039,000. Following this acquisition, Edgestream now holds 0.23% of Oceaneering’s shares.

Several other institutional investors have also made moves regarding their stakes in Oceaneering. GAMMA Investing LLC increased its holdings in the company by 29.7% in the first quarter, now owning 3,104 shares valued at about $68,000 after purchasing an additional 711 shares. Meanwhile, Tower Research Capital LLC TRC saw a significant increase of 191.5% in its holdings during the previous quarter, acquiring a total of 3,244 shares worth $85,000.

Other notable investments include Point72 Asia Singapore Pte. Ltd., which acquired a new stake valued at approximately $119,000, and New Age Alpha Advisors LLC, which invested around $156,000 in the same period. In total, institutional investors control 93.93% of Oceaneering’s stock.

Analyst Ratings and Market Performance

Recent assessments from various research firms reflect mixed sentiments regarding Oceaneering’s stock. Pickering Energy Partners upgraded the stock from an “underperform” to a “neutral” rating in a report on April 2, 2023. Conversely, Barclays revised its price target for Oceaneering, lowering it from $22.00 to $21.00 while maintaining an “equal weight” rating. Additionally, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating.

Currently, five investment analysts have assigned a “hold” rating, while one has issued a “buy” rating, giving Oceaneering a consensus rating of “Hold” along with a price target of $28.00, according to MarketBeat.com.

Oceaneering’s stock opened at $20.65 on the trading day following these announcements. The company has a market capitalization of around $2.08 billion and exhibits a debt-to-equity ratio of 0.62. Key financial metrics include a current ratio of 1.89 and a quick ratio of 1.58.

Recent Earnings and Future Projections

On April 23, 2023, Oceaneering reported its latest quarterly earnings, revealing earnings per share of $0.43, surpassing analysts’ expectations of $0.36 by $0.07. The company generated revenue of $674.52 million, exceeding estimates of $651.96 million. The firm reported a net margin of 6.68% and a return on equity of 20.59%. Notably, revenue increased by 12.6% compared to the same quarter the previous year.

Looking ahead, sell-side analysts anticipate that Oceaneering International will post earnings per share of $1.78 for the current fiscal year.

Oceaneering International specializes in providing engineered services and products, along with robotic solutions, to multiple sectors including offshore energy, defense, and manufacturing. The company operates through various segments, including Subsea Robotics and Aerospace and Defense Technologies.

For those interested in the latest financial movements, further details on the holdings of Oceaneering International can be accessed through platforms tracking 13F filings and insider trades.