An issue of McDermott International Inc. (NYSE:MDR) bonds fell 9.1% against their face value during trading on Friday. The high-yield issue of debt has a 8% coupon and is set to mature on May 1, 2021. The debt is now trading at $84.88 and was trading at $95.00 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its share price.
A number of equities research analysts have issued reports on the stock. Credit Suisse Group AG reissued a “hold” rating and set a $4.41 target price on shares of McDermott International in a research note on Saturday, June 4th. Imperial Capital reaffirmed an “outperform” rating and issued a $6.00 price objective on shares of McDermott International in a research note on Wednesday, June 8th. Zacks Investment Research lowered shares of McDermott International from a “buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Finally, Citigroup Inc. lifted their price objective on shares of McDermott International from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday, July 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $5.04.
McDermott International Inc. (NYSE:MDR) traded up 3.94% on Friday, hitting $5.01. 3,538,805 shares of the stock traded hands. McDermott International Inc. has a 52 week low of $2.20 and a 52 week high of $6.00. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 417.50 and a beta of 1.39. The firm’s 50 day moving average is $5.00 and its 200 day moving average is $4.68.
McDermott International (NYSE:MDR) last issued its quarterly earnings data on Tuesday, July 26th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.02 by $0.06. McDermott International had a net margin of 0.12% and a return on equity of 6.51%. The company earned $706.60 million during the quarter, compared to the consensus estimate of $753.43 million. During the same quarter in the prior year, the firm earned $0.04 earnings per share. The firm’s revenue was down 32.5% compared to the same quarter last year. Equities analysts anticipate that McDermott International Inc. will post $0.13 earnings per share for the current year.
Several large investors have recently modified their holdings of MDR. Royal Bank of Canada increased its stake in shares of McDermott International by 1.2% in the second quarter. Royal Bank of Canada now owns 287,638 shares of the company’s stock valued at $1,421,000 after buying an additional 3,404 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of McDermott International by 44.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,641,228 shares of the company’s stock valued at $13,048,000 after buying an additional 814,335 shares during the last quarter. Amalgamated Bank boosted its position in shares of McDermott International by 2.9% in the second quarter. Amalgamated Bank now owns 26,388 shares of the company’s stock valued at $132,000 after buying an additional 736 shares during the last quarter. American Century Companies Inc. acquired a new position in shares of McDermott International during the second quarter valued at approximately $2,670,000. Finally, Legal & General Group Plc boosted its position in shares of McDermott International by 20.0% in the second quarter. Legal & General Group Plc now owns 411,287 shares of the company’s stock valued at $2,024,000 after buying an additional 68,528 shares during the last quarter. 78.97% of the stock is owned by institutional investors.
McDermott International Company Profile
McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI) and module fabrication services for upstream field developments. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects.
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