Is Warren Buffett Building A Stake In OII (Oceaneering International Inc.)
Oceaneerring International (OII) hit a 52-wk low Friday. The company traded as low as $64.59 and last at $64.92. Volume was at 911,125 shares traded. OII had previously closed at $65.41. Today it has reached even lower levels, and is currently at $60.90.
OII peaked in October of 2013 at $86.27, but for the most part, OII has been a steady climber from it's 1978 days when it traded just bove $1.50.
Aside from recent development news, complete with deals struck and long terms leases, OII has been making the news, or at least the rumor mill, with talk of Warren Buffet slowly building a majority stake in the sleeping Houston based oil and gas giant.
Oceaneering is legendary by the way. They leased the JIM Suit in 1975 (below), and the illustrious Sylvia Earle consulted and took part in their explorations.
Here is a link to an insightful ten year OII chart
OII markets their services and products to oil and gas companies, government agencies, and firms in the aerospace, marine engineering and construction industries.
Oceaneering owns the worlds largest fleet of undersea vehicles, called ROV, used in offshore exploration and production for undersea pipelines and seafloor safety equipment. Today OII accountants for 60% of the global drill support ROV market.
Oceaneering International Cash from Continuing Operations as a % of Capital Expenditures (>100% means excess cash generated)*
Last 12 months 133%
YTD 2013 138%
YTD 2012 146%
YTD 2011 122%
YTD 2010 238%
* From MotleyFool.com