Vanguard Group Inc. boosted its stake in shares of McDermott International, Inc. (NYSE:MDR) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,983,621 shares of the oil and gas company’s stock after buying an additional 703,996 shares during the period. Vanguard Group Inc. owned about 8.10% of McDermott International worth $155,139,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of MDR. Tudor Investment Corp Et Al bought a new stake in McDermott International during the fourth quarter worth approximately $246,000. Guggenheim Capital LLC increased its stake in McDermott International by 114.2% in the fourth quarter. Guggenheim Capital LLC now owns 197,658 shares of the oil and gas company’s stock worth $1,461,000 after buying an additional 105,371 shares in the last quarter. AQR Capital Management LLC increased its stake in McDermott International by 39.1% in the fourth quarter. AQR Capital Management LLC now owns 605,703 shares of the oil and gas company’s stock worth $4,476,000 after buying an additional 170,149 shares in the last quarter. Norges Bank bought a new stake in McDermott International during the fourth quarter worth approximately $14,152,000. Finally, Quadrature Capital Ltd bought a new stake in McDermott International during the fourth quarter worth approximately $507,000. 76.55% of the stock is currently owned by institutional investors and hedge funds.
Shares of McDermott International, Inc. (NYSE MDR) traded up 0.50% during mid-day trading on Tuesday, hitting $6.01. 2,926,900 shares of the company’s stock traded hands. The stock has a market cap of $1.71 billion, a P/E ratio of 23.12 and a beta of 1.37. McDermott International, Inc. has a 1-year low of $4.41 and a 1-year high of $8.33. The stock has a 50 day moving average price of $6.99 and a 200-day moving average price of $6.87.
McDermott International (NYSE:MDR) last announced its earnings results on Tuesday, July 25th. The oil and gas company reported $0.13 EPS for the quarter, missing the consensus estimate of $0.16 by $0.03. McDermott International had a return on equity of 5.55% and a net margin of 2.95%. The firm had revenue of $788.20 million during the quarter, compared to analyst estimates of $856.54 million. During the same quarter in the previous year, the business earned $0.07 earnings per share. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. Equities research analysts anticipate that McDermott International, Inc. will post $0.42 EPS for the current fiscal year.
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A number of analysts recently commented on the stock. BidaskClub downgraded shares of McDermott International from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Scotiabank reissued a “buy” rating and set a $9.00 price objective on shares of McDermott International in a report on Friday, July 28th. ValuEngine downgraded shares of McDermott International from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. TheStreet raised shares of McDermott International from a “c” rating to a “b-” rating in a report on Tuesday, July 25th. Finally, Scotia Howard Weill raised shares of McDermott International from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.29.
About McDermott International
McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI), front-end engineering and design (FEED) and module fabrication services for upstream field developments across the world. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for offshore and subsea oil and gas projects.
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