CIBC World Markets Inc. purchased a new position in shares of McDermott International Inc (NYSE:MDR) during the second quarter, HoldingsChannel reports. The fund purchased 217,818 shares of the oil and gas company’s stock, valued at approximately $4,280,000.

Other large investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in McDermott International by 549.3% during the second quarter. Nisa Investment Advisors LLC now owns 9,252 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 7,827 shares in the last quarter. Wellington Shields & Co. LLC acquired a new position in McDermott International during the second quarter worth $212,000. Daiwa Securities Group Inc. purchased a new stake in shares of McDermott International during the second quarter worth $218,000. Birmingham Capital Management Co. Inc. AL purchased a new stake in shares of McDermott International during the second quarter worth $269,000. Finally, D.A. Davidson & CO. purchased a new stake in shares of McDermott International during the second quarter worth $332,000.

MDR has been the topic of a number of recent research reports. KeyCorp cut their price objective on McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a research report on Monday, July 23rd. Zacks Investment Research raised McDermott International from a “hold” rating to a “buy” rating and set a $22.50 price objective on the stock in a research report on Thursday, April 26th. ValuEngine raised McDermott International from a “hold” rating to a “buy” rating in a research report on Monday, April 23rd. Credit Suisse Group upped their price objective on McDermott International from $21.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 24th. Finally, Citigroup cut their price objective on McDermott International from $27.00 to $21.00 and set a “$17.66” rating on the stock in a research report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. McDermott International has an average rating of “Hold” and a consensus target price of $26.18.

McDermott International stock opened at $18.81 on Tuesday. McDermott International Inc has a twelve month low of $16.14 and a twelve month high of $27.21. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a market cap of $3.67 billion, a PE ratio of 9.80 and a beta of 1.81.

McDermott International (NYSE:MDR) last posted its quarterly earnings data on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.07. McDermott International had a return on equity of 10.38% and a net margin of 5.04%. The business had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the company earned $0.13 earnings per share. The company’s revenue was up 119.9% on a year-over-year basis. analysts predict that McDermott International Inc will post 1.53 EPS for the current year.

In related news, SVP Scott Munro sold 2,250 shares of the stock in a transaction on Monday, July 16th. The stock was sold at an average price of $17.87, for a total value of $40,207.50. Following the transaction, the senior vice president now owns 35,270 shares of the company’s stock, valued at $630,274.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% 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.

See Also: Google Finance

Want to see what other hedge funds are holding MDR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for McDermott International Inc (NYSE:MDR).

Institutional Ownership by Quarter for McDermott International (NYSE:MDR)

Receive News & Ratings for McDermott International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McDermott International and related companies with MarketBeat.com's FREE daily email newsletter.