Canada Pension Plan Investment Board purchased a new stake in McDermott International Inc (NYSE:MDR) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 355,766 shares of the oil and gas company’s stock, valued at approximately $6,991,000.
Other hedge funds also recently bought and sold shares of the company. Franklin Resources Inc. grew its position in McDermott International by 395.7% in the first quarter. Franklin Resources Inc. now owns 10,997,297 shares of the oil and gas company’s stock worth $66,973,000 after acquiring an additional 8,778,897 shares during the period. Victory Capital Management Inc. grew its position in McDermott International by 8,843.0% in the second quarter. Victory Capital Management Inc. now owns 2,266,777 shares of the oil and gas company’s stock worth $44,542,000 after acquiring an additional 2,241,430 shares during the period. Systematic Financial Management LP grew its position in McDermott International by 1,024.0% in the first quarter. Systematic Financial Management LP now owns 2,434,983 shares of the oil and gas company’s stock worth $14,829,000 after acquiring an additional 2,218,343 shares during the period. Bank of New York Mellon Corp purchased a new position in McDermott International in the second quarter worth approximately $43,106,000. Finally, Beck Mack & Oliver LLC purchased a new position in McDermott International in the second quarter worth approximately $35,605,000. Institutional investors and hedge funds own 87.85% of the company’s stock.
NYSE:MDR opened at $19.45 on Friday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.93. McDermott International Inc has a 52 week low of $16.14 and a 52 week high of $27.21. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 10.13 and a beta of 1.81.
McDermott International (NYSE:MDR) last released its quarterly earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.07. McDermott International had a return on equity of 10.38% and a net margin of 5.04%. The company had revenue of $1.74 billion for the quarter, compared to analysts’ expectations of $1.98 billion. During the same period in the prior year, the firm earned $0.13 earnings per share. The firm’s revenue was up 119.9% compared to the same quarter last year. analysts anticipate that McDermott International Inc will post 1.53 EPS for the current fiscal year.
In other McDermott International news, SVP Scott Munro sold 2,250 shares of the company’s stock in a transaction on Monday, July 16th. The stock was sold at an average price of $17.87, for a total transaction of $40,207.50. Following the transaction, the senior vice president now directly owns 35,270 shares in the company, valued at $630,274.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by corporate insiders.
MDR has been the subject of several analyst reports. ValuEngine upgraded McDermott International from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 11th. KeyCorp lowered their price objective on McDermott International from $42.00 to $38.00 and set a “$17.66” rating for the company in a research report on Monday, July 23rd. Zacks Investment Research upgraded McDermott International from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Wednesday, July 25th. Credit Suisse Group lowered their price objective on McDermott International from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Monday, August 13th. Finally, Citigroup lowered their price objective on McDermott International from $27.00 to $21.00 and set a “$17.66” rating for the company in a research report on Monday, July 23rd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. McDermott International has an average rating of “Hold” and a consensus target price of $26.18.
McDermott International Profile
McDermott International, Inc provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments. It operates through three segments: the Americas, Europe and Africa; the Middle East; and Asia. 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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