McDermott International Inc (NYSE:MDR) was the target of a large growth in short interest in January. As of January 31st, there was short interest totalling 52,334,669 shares, a growth of 16.2% from the January 12th total of 45,057,172 shares. Based on an average daily trading volume, of 10,087,858 shares, the days-to-cover ratio is presently 5.2 days. Approximately 18.6% of the shares of the stock are sold short.
Large investors have recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of McDermott International by 93.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,937 shares of the oil and gas company’s stock valued at $111,000 after purchasing an additional 8,176 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of McDermott International in the 3rd quarter valued at approximately $112,000. Meeder Asset Management Inc. lifted its stake in shares of McDermott International by 234.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 16,144 shares of the oil and gas company’s stock valued at $117,000 after purchasing an additional 11,310 shares during the last quarter. Raymond James Financial Services Advisors Inc. bought a new stake in shares of McDermott International in the 4th quarter valued at approximately $118,000. Finally, Koch Industries Inc. lifted its stake in shares of McDermott International by 711.3% in the 2nd quarter. Koch Industries Inc. now owns 164,323 shares of the oil and gas company’s stock valued at $144,000 after purchasing an additional 144,069 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.
Several research firms have weighed in on MDR. ValuEngine cut McDermott International from a “buy” rating to a “hold” rating in a report on Saturday, February 3rd. Zacks Investment Research cut McDermott International from a “hold” rating to a “sell” rating in a report on Thursday, January 25th. Citigroup raised their price target on McDermott International from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. KeyCorp upgraded McDermott International from a “sector weight” rating to an “overweight” rating in a report on Tuesday, January 23rd. Finally, Morgan Stanley restated a “sell” rating on shares of McDermott International in a report on Wednesday, December 20th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $7.93.
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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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