Oppenheimer increased its stake in Smith.

The New York City investment firm recently increased its holdings in Smith International, a Newport Beach oil-services company, to 1.89 million common shares, or 8.32%, from 1.5 million shares. According to SEC records, Oppenheimer Management Corp. bought the stock for passive investment purposes and does not intend to seek control of the company. A Smith official said Oppenheimer has been purchasing Smith stock for various mutual funds since 1983 and “we’re delighted to see institutions buying our stock.”