Cowen & Co. Reiterates a Hold Rating on Oceaneering International

By Ryan Adsit

In a report released yesterday, Marc Bianchi from Cowen & Co. reiterated a Hold rating on Oceaneering International (NYSE: OII), with a price target of $27. The company’s shares closed yesterday at $23.06.

According to TipRanks.com, Bianchi is ranked 0 out of 5 stars with an average return of -5.2% and a 40.5% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Baker Hughes a GE company, and Diamond Offshore Drilling.

Oceaneering International has an analyst consensus of Hold, with a price target consensus of $21.39.

Based on Oceaneering International’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $476 million and GAAP net loss of $1.77 million. In comparison, last year the company earned revenue of $488 million and had a GAAP net loss of $11.03 million.

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Oceaneering International, Inc. provides engineered services and products primarily to the offshore oil and gas industry. The company provides remotely operated vehicles, built-to-order specialty subsea hardware, engineering and project management, subsea intervention services, including manned diving, nondestructive testing & inspection and mobile offshore production systems. It operates its business through four segments, which are divided within two businesses line which include services and products provided to the oil and gas industry, namely Oil and Gas and all other services and products, namely Advanced Technologies. The Oil and Gas business is operated through four segments: Remotely Operated Vehicles, Subsea Products, Subsea Projects and Asset Integrity. The Remotely Operated Vehicles segment provides submersible vehicles operated from the surface to support drilling; and vessel-based services, including subsea hardware installation, construction, pipeline inspection, survey and facilities inspection, maintenance, and repair services. The Subsea Products segment supplies various built-to-order specialty subsea hardware products which include multiservice vessels, oilfield diving, and support vessel operations, which are used primarily in inspection, repair and maintenance and installation activities and mobile offshore production systems. The Asset Integrity segment provides asset integrity management and assessment services and nondestructive testing and inspection. The Advanced Technologies segment offers project management, and engineering services and equipment for applications in non-oilfield markets. Oceaneering International was founded in 1969 and is headquartered in Houston, TX.