Credit Suisse Group AG Cuts McDermott International, Inc. (MDR) Price Target to $7.30
McDermott International, Inc. (NYSE:MDR) had its price target lowered by analysts at Credit Suisse Group AG from $7.60 to $7.30 in a research note issued on Thursday. The firm currently has a “neutral” rating on the oil and gas company’s stock. Credit Suisse Group AG’s price objective would indicate a potential upside of 10.27% from the stock’s previous close.
A number of other equities analysts have also commented on MDR. Scotiabank reiterated a “buy” rating and set a $9.00 price target on shares of McDermott International in a report on Wednesday. Deutsche Bank AG cut their price target on shares of McDermott International from $6.50 to $5.25 and set a “hold” rating on the stock in a report on Tuesday, October 24th. BidaskClub lowered shares of McDermott International from a “hold” rating to a “sell” rating in a report on Thursday, August 3rd. Zacks Investment Research lowered shares of McDermott International from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 25th. Finally, KeyCorp reiterated a “hold” rating on shares of McDermott International in a report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, five have assigned 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 price target of $8.01.
McDermott International (NYSE:MDR) last issued its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.14. The company had revenue of $958.50 million for the quarter, compared to analyst estimates of $977.28 million. McDermott International had a net margin of 2.95% and a return on equity of 5.55%. McDermott International’s revenue was up 71.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.09 earnings per share.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Private Advisor Group LLC bought a new position in McDermott International during the second quarter worth $106,000. Everence Capital Management Inc. bought a new position in McDermott International during the second quarter worth $116,000. HighTower Advisors LLC raised its stake in McDermott International by 13.0% during 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 last quarter. Meeder Asset Management Inc. raised its stake in McDermott International by 234.0% during the third quarter. Meeder Asset Management Inc. now owns 16,144 shares of the oil and gas company’s stock worth $117,000 after buying an additional 11,310 shares during the last quarter. Finally, World Asset Management Inc bought a new position in McDermott International during the second quarter worth $134,000. 85.09% of the stock is owned by institutional investors and hedge funds.
McDermott International Company Profile
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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