Mackay Shields LLC purchased a new stake in shares of McDermott International (NYSE:MDR) in the 1st quarter, HoldingsChannel reports. The fund purchased 342,171 shares of the oil and gas company’s stock, valued at approximately $2,084,000.
Several other hedge funds have also recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. purchased a new position in shares of McDermott International in the 4th quarter valued at approximately $103,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of McDermott International by 93.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,937 shares of the oil and gas company’s stock valued at $111,000 after purchasing an additional 8,176 shares during the last quarter. Icon Wealth Partners LLC purchased a new position in shares of McDermott International in the 4th quarter valued at approximately $115,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of McDermott International in the 4th quarter valued at approximately $118,000. Finally, Zeke Capital Advisors LLC purchased a new position in shares of McDermott International in the 4th quarter valued at approximately $121,000. 95.75% of the stock is owned by institutional investors and hedge funds.
Shares of McDermott International opened at $22.80 on Friday, MarketBeat Ratings reports. McDermott International has a twelve month low of $16.14 and a twelve month high of $27.21. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.28.
McDermott International (NYSE:MDR) last issued its quarterly earnings results on Tuesday, April 24th. The oil and gas company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.18. McDermott International had a net margin of 6.24% and a return on equity of 11.91%. The company had revenue of $607.82 million for the quarter, compared to the consensus estimate of $610.00 million. During the same quarter in the prior year, the company earned $0.24 EPS. McDermott International’s quarterly revenue was up 17.0% on a year-over-year basis. sell-side analysts anticipate that McDermott International will post 1.47 earnings per share for the current year.
Several equities analysts recently commented on the stock. ValuEngine raised shares of McDermott International from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 11th. Zacks Investment Research raised shares of McDermott International from a “hold” rating to a “buy” rating and set a $22.50 price objective for the company in a research report on Thursday, April 26th. Citigroup decreased their price objective on shares of McDermott International from $30.00 to $24.00 and set a “neutral” rating for the company in a research report on Friday, April 13th. Finally, Alembic Global Advisors set a $33.00 price objective on shares of McDermott International and gave the company a “buy” rating in a research report on Thursday, February 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $25.76.
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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