Insider Buying: McDermott International Inc (MDR) SVP Acquires 12,000 Shares of Stock

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McDermott International Inc (NYSE:MDR) SVP Ian Prescott acquired 12,000 shares of the stock in a transaction dated Friday, November 2nd. The stock was bought at an average cost of $8.68 per share, with a total value of $104,160.00. Following the completion of the purchase, the senior vice president now directly owns 12,000 shares in the company, valued at $104,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of NYSE MDR traded up $0.16 during midday trading on Tuesday, hitting $9.95. The company’s stock had a trading volume of 6,735,126 shares, compared to its average volume of 3,638,751. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.77 and a current ratio of 0.78. McDermott International Inc has a 12-month low of $6.97 and a 12-month high of $27.21. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 5.18 and a beta of 2.58.

McDermott International (NYSE:MDR) last issued its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the company posted $0.33 earnings per share. The company’s quarterly revenue was up 138.7% compared to the same quarter last year. Sell-side analysts predict that McDermott International Inc will post 1.03 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of MDR. Renaissance Technologies LLC purchased a new stake in shares of McDermott International in the second quarter worth approximately $37,690,000. Luminus Management LLC purchased a new stake in shares of McDermott International in the second quarter worth approximately $45,791,000. Victory Capital Management Inc. raised its holdings in shares of 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 buying an additional 2,241,430 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of McDermott International in the second quarter worth approximately $43,106,000. Finally, Beck Mack & Oliver LLC purchased a new stake in shares of McDermott International in the second quarter worth approximately $35,605,000. Hedge funds and other institutional investors own 87.85% of the company’s stock.

Several equities research analysts have recently issued reports on MDR shares. 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 note on Monday, July 23rd. 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 note on Monday, July 23rd. Zacks Investment Research raised McDermott International from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Wednesday, July 25th. ValuEngine raised McDermott International from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Finally, 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 note on Monday, August 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $25.32.

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McDermott International Company 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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