An issue of McDermott International Inc (NYSE:MDR) bonds rose 2.5% as a percentage of their face value during trading on Friday after Citigroup lowered their price target on the stock from $10.00 to $8.00. The debt issue has a 10.625% coupon and is set to mature on May 1, 2024. The debt is now trading at $100.00. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
Several other analysts also recently weighed in on the stock. Morgan Stanley reiterated a “sell” rating on shares of McDermott International in a report on Wednesday, December 20th. Zacks Investment Research upgraded shares of McDermott International from a “sell” rating to a “hold” rating in a research note on Monday, January 15th. KeyCorp upgraded shares of McDermott International from a “sector weight” rating to an “overweight” rating in a research note on Tuesday, January 23rd. ValuEngine upgraded shares of McDermott International from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 14th. Finally, Deutsche Bank dropped their price target on shares of McDermott International from $9.30 to $8.30 and set a “hold” rating for the company in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.59.
Large investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of McDermott International in the fourth quarter valued at about $103,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of McDermott International by 93.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,937 shares of the oil and gas company’s stock valued at $111,000 after buying an additional 8,176 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of McDermott International in the third quarter valued at about $112,000. Icon Wealth Partners LLC purchased a new stake in shares of McDermott International in the fourth quarter valued at about $115,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in shares of McDermott International in the fourth quarter valued at about $118,000. 97.69% of the stock is owned by institutional investors and hedge funds.
The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 0.29. The firm has a market cap of $1,704.19, a P/E ratio of 9.63 and a beta of 1.86.
McDermott International (NYSE:MDR) last issued its quarterly earnings results on Wednesday, February 21st. The oil and gas company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.06. McDermott International had a net margin of 5.98% and a return on equity of 10.68%. The business had revenue of $718.10 million for the quarter, compared to analyst estimates of $744.57 million. During the same period in the previous year, the business posted $0.02 earnings per share. The business’s revenue was up 11.9% compared to the same quarter last year. analysts predict that McDermott International Inc will post 0.46 EPS for the current fiscal year.
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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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