Scotiabank Reaffirms Buy Rating for McDermott International, Inc. (MDR)
McDermott International, Inc. (NYSE:MDR)‘s stock had its “buy” rating reissued by stock analysts at Scotiabank in a research note issued on Wednesday. They presently have a $9.00 target price on the oil and gas company’s stock. Scotiabank’s price target indicates a potential upside of 35.95% from the company’s current price.
A number of other research firms also recently weighed in on MDR. Zacks Investment Research downgraded McDermott International from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 25th. BidaskClub raised McDermott International from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. TheStreet raised McDermott International from a “c” rating to a “b-” rating in a report on Tuesday, July 25th. KeyCorp reissued a “hold” rating on shares of McDermott International in a report on Friday, August 25th. Finally, Deutsche Bank AG cut their price objective on McDermott International from $6.50 to $5.25 and set a “hold” rating for the company in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $8.22.
McDermott International (NYSE:MDR) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.14. McDermott International had a return on equity of 5.55% and a net margin of 2.95%. The firm had revenue of $958.50 million during the quarter, compared to the consensus estimate of $977.28 million. During the same quarter in the prior year, the firm posted $0.09 EPS. The business’s revenue was up 71.6% on a year-over-year basis.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in McDermott International by 109.1% during the 2nd quarter. BlackRock Inc. now owns 35,201,940 shares of the oil and gas company’s stock valued at $252,397,000 after purchasing an additional 18,363,073 shares during the last quarter. Vanguard Group Inc. lifted its holdings in McDermott International by 31.0% during the 2nd quarter. Vanguard Group Inc. now owns 30,112,732 shares of the oil and gas company’s stock valued at $215,909,000 after purchasing an additional 7,129,111 shares during the last quarter. LSV Asset Management lifted its holdings in McDermott International by 57.5% during the 1st quarter. LSV Asset Management now owns 13,213,796 shares of the oil and gas company’s stock valued at $89,193,000 after purchasing an additional 4,822,700 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in McDermott International by 31.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 18,213,138 shares of the oil and gas company’s stock valued at $122,938,000 after purchasing an additional 4,409,387 shares during the last quarter. Finally, James Investment Research Inc. acquired a new stake in McDermott International during the 2nd quarter valued at $17,420,000. 85.09% 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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