$972.58 Million in Sales Expected for McDermott International, Inc. (NYSE:MDR) This Quarter
Brokerages forecast that McDermott International, Inc. (NYSE:MDR) will post $972.58 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have made estimates for McDermott International’s earnings, with estimates ranging from $901.00 million to $1.04 billion. McDermott International posted sales of $558.54 million during the same quarter last year, which suggests a positive year over year growth rate of 74.1%. The company is expected to report its next earnings report on Tuesday, October 24th.
On average, analysts expect that McDermott International will report full-year sales of $972.58 million for the current financial year, with estimates ranging from $3.18 billion to $3.20 billion. For the next fiscal year, analysts expect that the firm will report sales of $3.23 billion per share, with estimates ranging from $3.19 billion to $3.26 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that that provide coverage for McDermott International.
McDermott International (NYSE:MDR) last posted its earnings results on Tuesday, July 25th. The oil and gas company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.03. McDermott International had a return on equity of 4.75% and a net margin of 2.40%. The company had revenue of $788.20 million during the quarter, compared to analysts’ expectations of $856.54 million. During the same period in the prior year, the business posted $0.07 earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis.
A number of research analysts have recently commented on the stock. BidaskClub cut shares of McDermott International from a “buy” rating to a “hold” rating in a report on Monday. Scotiabank upgraded shares of McDermott International from a “sector perform” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Thursday, May 25th. Zacks Investment Research upgraded shares of McDermott International from a “hold” rating to a “strong-buy” rating and set a $8.50 price target on the stock in a report on Thursday, July 20th. ValuEngine cut shares of McDermott International from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, Howard Weil upgraded shares of McDermott International from a “sector perform” rating to a “sector outperform” rating in a report on Thursday, May 25th. Seven equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $7.89.
McDermott International (NYSE MDR) traded up 0.73% during midday trading on Wednesday, hitting $6.86. 2,247,209 shares of the stock traded hands. The firm’s 50-day moving average is $6.93 and its 200-day moving average is $6.97. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 34.30 and a beta of 1.38. McDermott International has a 52-week low of $4.41 and a 52-week high of $8.33.
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A number of hedge funds have recently added to or reduced their stakes in the company. CIBC World Markets Inc. acquired a new stake in McDermott International during the first quarter worth $101,000. HighTower Advisors LLC raised 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 worth $117,000 after buying an additional 2,000 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in McDermott International during the first quarter worth $128,000. Teacher Retirement System of Texas raised 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 worth $129,000 after buying an additional 849 shares during the period. Finally, Koch Industries Inc. raised its stake in McDermott International by 97.0% in the first quarter. Koch Industries Inc. now owns 20,254 shares of the oil and gas company’s stock worth $137,000 after buying an additional 9,974 shares during the period. 73.98% of the stock is owned by institutional investors.
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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