McDermott International, Inc. (NYSE:MDR) was the recipient of a large drop in short interest in July. As of July 14th, there was short interest totalling 22,043,197 shares, a drop of 10.8% from the June 30th total of 24,719,451 shares. Based on an average daily volume of 3,388,216 shares, the days-to-cover ratio is presently 6.5 days. Currently, 7.9% of the shares of the stock are sold short.
A number of analysts recently commented on the company. BidaskClub cut McDermott International from a “sell” rating to a “strong sell” rating in a research report on Thursday. Scotiabank reiterated a “buy” rating and set a $9.00 price objective on shares of McDermott International in a research report on Friday, July 28th. TheStreet upgraded McDermott International from a “c” rating to a “b-” rating in a report on Tuesday, July 25th. Zacks Investment Research upgraded McDermott International from a “hold” rating to a “strong-buy” rating and set a $8.50 price target for the company in a report on Thursday, July 20th. Finally, ValuEngine cut McDermott International from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $8.29.
Shares of McDermott International (NYSE:MDR) traded up 1.05% during midday trading on Friday, hitting $5.75. The stock had a trading volume of 2,883,405 shares. The firm has a 50-day moving average of $6.86 and a 200 day moving average of $6.82. McDermott International has a 12-month low of $4.41 and a 12-month high of $8.33. The firm has a market cap of $1.63 billion, a PE ratio of 22.12 and a beta of 1.37.
McDermott International (NYSE:MDR) last announced its quarterly earnings data on Tuesday, July 25th. The oil and gas company reported $0.13 EPS for the quarter, missing the Zacks’ 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 the consensus estimate of $856.54 million. During the same quarter in the prior year, the business posted $0.07 EPS. McDermott International’s revenue was up 11.5% compared to the same quarter last year. On average, analysts expect that McDermott International will post $0.42 earnings per share for the current year.
Several institutional investors have recently modified their holdings of the company. Private Advisor Group LLC bought a new position in shares of McDermott International during the second quarter worth about $106,000. CIBC World Markets Inc. bought a new position in shares of McDermott International during the first quarter worth about $101,000. Everence Capital Management Inc. bought a new position in shares of McDermott International during the second quarter worth about $116,000. HighTower Advisors LLC boosted its position in shares of McDermott International by 13.0% in the first quarter. HighTower Advisors LLC now owns 17,396 shares of the oil and gas company’s stock worth $117,000 after buying an additional 2,000 shares during the last quarter. Finally, World Asset Management Inc bought a new position in shares of McDermott International during the second quarter worth about $134,000. 76.55% of the stock is owned by institutional investors and hedge funds.
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McDermott International Company Profile
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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