Scotiabank Reaffirms Buy Rating for McDermott International, Inc. (NYSE:MDR)
Scotiabank reissued their buy rating on shares of McDermott International, Inc. (NYSE:MDR) in a report published on Friday morning. The brokerage currently has a $9.00 price objective on the oil and gas company’s stock.
MDR has been the subject of several other research reports. Zacks Investment Research upgraded McDermott International from a hold rating to a strong-buy rating and set a $8.50 price objective for the company in a research note on Thursday, July 20th. Howard Weil upgraded McDermott International from a sector perform rating to a sector outperform rating in a research note on Thursday, May 25th. Scotia Howard Weill upgraded McDermott International from a sector perform rating to a sector outperform rating in a research note on Thursday, May 25th. BidaskClub upgraded McDermott International from a strong sell rating to a sell rating in a research note on Tuesday, June 13th. Finally, ValuEngine cut McDermott International from a buy rating to a hold rating in a research note on Tuesday, June 6th. Five equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. McDermott International currently has an average rating of Buy and an average target price of $8.29.
Shares of McDermott International (MDR) opened at 6.77 on Friday. McDermott International has a 52-week low of $4.41 and a 52-week high of $8.33. The firm’s 50 day moving average is $7.01 and its 200 day moving average is $6.95. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of 26.04 and a beta of 1.38.
McDermott International (NYSE:MDR) last announced its quarterly earnings data on Tuesday, July 25th. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.03. The company had revenue of $788.20 million during the quarter, compared to analysts’ expectations of $856.54 million. McDermott International had a net margin of 2.95% and a return on equity of 5.55%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 EPS. Equities analysts expect that McDermott International will post $0.42 earnings per share for the current year.
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Large investors have recently bought and sold shares of the company. CIBC World Markets Inc. acquired a new stake in McDermott International during the first quarter valued at $101,000. HighTower Advisors LLC boosted its stake in McDermott International by 13.0% in the first quarter. HighTower Advisors LLC now owns 17,396 shares of the oil and gas company’s stock valued at $117,000 after buying an additional 2,000 shares during the last quarter. O Shaughnessy Asset Management LLC acquired a new stake in McDermott International during the first quarter valued at $128,000. Teacher Retirement System of Texas boosted its stake in McDermott International by 4.6% in the first quarter. Teacher Retirement System of Texas now owns 19,136 shares of the oil and gas company’s stock valued at $129,000 after buying an additional 849 shares during the last quarter. Finally, World Asset Management Inc acquired a new stake in McDermott International during the second quarter valued at $134,000. Hedge funds and other institutional investors own 73.71% of the company’s stock.
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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