Bowling Portfolio Management LLC raised its stake in shares of McDermott International Inc (NYSE:MDR) by 50.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 317,552 shares of the oil and gas company’s stock after buying an additional 106,527 shares during the quarter. Bowling Portfolio Management LLC owned about 0.11% of McDermott International worth $2,089,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MDR. Private Advisor Group LLC purchased a new position in shares of McDermott International during the second quarter worth about $106,000. Cubist Systematic Strategies LLC purchased a new position in shares of McDermott International during the third quarter worth about $112,000. Meeder Asset Management Inc. grew its holdings in shares of McDermott International by 234.0% during the third quarter. Meeder Asset Management Inc. now owns 16,144 shares of the oil and gas company’s stock worth $117,000 after purchasing an additional 11,310 shares in the last quarter. Koch Industries Inc. grew its holdings in shares of McDermott International by 711.3% during the second quarter. Koch Industries Inc. now owns 164,323 shares of the oil and gas company’s stock worth $144,000 after purchasing an additional 144,069 shares in the last quarter. Finally, Federated Investors Inc. PA grew its holdings in shares of McDermott International by 2.0% during the second quarter. Federated Investors Inc. PA now owns 23,565 shares of the oil and gas company’s stock worth $169,000 after purchasing an additional 468 shares in the last quarter. 85.68% of the stock is owned by institutional investors and hedge funds.
McDermott International Inc (MDR) traded up $0.21 during trading hours on Wednesday, reaching $7.78. The company had a trading volume of 3,514,060 shares, compared to its average volume of 7,905,430. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.30. McDermott International Inc has a one year low of $5.56 and a one year high of $9.07. The company has a market cap of $2,140.00, a P/E ratio of 14.68 and a beta of 1.58.
Several research analysts have recently commented on the company. Scotiabank reissued a “buy” rating and set a $9.00 price objective on shares of McDermott International in a report on Wednesday, November 1st. Citigroup boosted their price objective on McDermott International from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Zacks Investment Research upgraded McDermott International from a “sell” rating to a “hold” rating in a research report on Monday, January 15th. ValuEngine upgraded McDermott International from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 6th. Finally, Deutsche Bank dropped their target price on McDermott International from $6.50 to $5.25 and set a “hold” rating for the company in a research report on Tuesday, October 24th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. McDermott International currently has an average rating of “Hold” and a consensus target price of $7.93.
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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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