Oceaneering cut to sell following recent rally at Jefferies Jefferies downgraded Oceaneering (OII) to Underperform from Hold citing the recent rally in shares and its lowered order outlooks across its subsea hardware coverage. Underperform is the firm's equivalent to a sell rating. It cut its price target for shares to $49 from $52. Oceaneering closed Monday's trading up 45c to $57.56. Jefferies calls Chevron (CVX) and Galp Energia its top stock picks in the integrated oil sector.