Wall Street analysts expect that McDermott International Inc (NYSE:MDR) will announce $2.70 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for McDermott International’s earnings. The highest sales estimate is $2.75 billion and the lowest is $2.66 billion. McDermott International reported sales of $718.10 million in the same quarter last year, which indicates a positive year-over-year growth rate of 276%. The business is expected to announce its next quarterly earnings report on Wednesday, February 20th.
According to Zacks, analysts expect that McDermott International will report full year sales of $7.34 billion for the current financial year, with estimates ranging from $7.29 billion to $7.38 billion. For the next financial year, analysts expect that the company will report sales of $9.74 billion, with estimates ranging from $9.72 billion to $9.76 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow McDermott International.
McDermott International (NYSE:MDR) last issued its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.09). The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.50 billion. McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The business’s revenue was up 138.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 earnings per share.
MDR has been the topic of a number of recent analyst reports. TheStreet lowered McDermott International from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Zacks Investment Research lowered McDermott International from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 11th. Citigroup dropped their price target on McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Credit Suisse Group dropped their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. Finally, ValuEngine lowered McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $25.32.
McDermott International stock traded down $0.02 during mid-day trading on Friday, reaching $8.71. 3,293,586 shares of the company’s stock were exchanged, compared to its average volume of 5,034,424. The firm has a market capitalization of $1.57 billion, a P/E ratio of 4.54 and a beta of 2.58. McDermott International has a one year low of $6.97 and a one year high of $27.21. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.96.
In other news, SVP Tareq Kawash bought 26,000 shares of the firm’s stock in a transaction on Friday, November 23rd. The stock was acquired at an average cost of $7.90 per share, with a total value of $205,400.00. Following the completion of the transaction, the senior vice president now directly owns 28,481 shares of the company’s stock, valued at approximately $224,999.90. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Linh Austin bought 10,000 shares of the firm’s stock in a transaction on Tuesday, November 13th. The stock was purchased at an average cost of $8.03 per share, with a total value of $80,300.00. Following the completion of the transaction, the senior vice president now directly owns 54,644 shares of the company’s stock, valued at $438,791.32. The disclosure for this purchase can be found here. Insiders acquired 173,300 shares of company stock valued at $1,629,968 over the last three months. Company insiders own 1.30% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Fairfax Financial Holdings Ltd Can purchased a new position in shares of McDermott International in the second quarter valued at $12,879,000. Fox Run Management L.L.C. purchased a new position in shares of McDermott International in the third quarter valued at $728,000. Manning & Napier Group LLC purchased a new position in shares of McDermott International in the third quarter valued at $243,000. Renaissance Technologies LLC purchased a new position in shares of McDermott International in the second quarter valued at $37,690,000. Finally, Luminus Management LLC purchased a new position in shares of McDermott International in the second quarter valued at $45,791,000. Institutional investors own 82.98% of the company’s stock.
About McDermott International
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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