McDermott International Stock Rating Lowered by Macquarie (MDR)
McDermott International (NYSE:MDR) was downgraded by Macquarie from an “outperform” rating to an “underperform” rating in a research note issued on Friday, TheFlyOnTheWall.com reports.
The analysts wrote, “a step in the right direction,” it creates near-term uncertainty. Browne noted that the possible appointment of Technip’s David Dickson would reduce the odds that McDermott will be liquidated due to “social friction.”
Shares of McDermott International (NYSE:MDR) traded up 3.68% during mid-day trading on Friday, hitting $7.61. 13,568,256 shares of the company’s stock traded hands. McDermott International has a 1-year low of $6.68 and a 1-year high of $13.48. The stock has a 50-day moving average of $7.40 and a 200-day moving average of $8.63. The company’s market cap is $1.800 billion.
McDermott International (NYSE:MDR) last announced its earnings results on Monday, August 5th. The company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by $0.66. The company had revenue of $647.25 million for the quarter, compared to the consensus estimate of $757.87 million. During the same quarter in the previous year, the company posted $0.22 earnings per share. The company’s revenue for the quarter was down 28.0% on a year-over-year basis. Analysts expect that McDermott International will post $-0.40 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on MDR. Analysts at HSBC raised their price target on shares of McDermott International from $6.70 to $6.75 in a research note to investors on Wednesday. Separately, analysts at Zacks reiterated a “neutral” rating on shares of McDermott International in a research note to investors on Wednesday. They now have a $7.50 price target on the stock. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $10.27.
McDermott International, Inc (NYSE:MDR) is a engineering, procurement, construction and installation (EPCI) company.
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