Archer Capital Management L.P. purchased a new stake in McDermott International Inc (NYSE:MDR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 781,168 shares of the oil and gas company’s stock, valued at approximately $5,140,000. McDermott International accounts for 2.0% of Archer Capital Management L.P.’s investment portfolio, making the stock its 12th biggest position. Archer Capital Management L.P. owned 0.28% of McDermott International at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MDR. Dimensional Fund Advisors LP raised its stake in shares of McDermott International by 10.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 23,082,635 shares of the oil and gas company’s stock valued at $167,811,000 after purchasing an additional 2,151,895 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of McDermott International in the 4th quarter valued at about $12,626,000. Clearline Capital LP acquired a new stake in shares of McDermott International in the 4th quarter valued at about $8,943,000. Evanston Investments Inc. dba Evanston Advisors acquired a new stake in shares of McDermott International in the 4th quarter valued at about $8,287,000. Finally, Hudson Bay Capital Management LP acquired a new stake in shares of McDermott International in the 4th quarter valued at about $7,318,000. 97.73% of the stock is currently owned by hedge funds and other institutional investors.
Shares of McDermott International Inc (NYSE:MDR) opened at $7.66 on Wednesday. The company has a quick ratio of 2.03, a current ratio of 2.03 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $2,180.00, a PE ratio of 8.33 and a beta of 1.68. McDermott International Inc has a 12-month low of $5.56 and a 12-month high of $9.07.
Several research firms have issued reports on MDR. Alembic Global Advisors set a $11.00 price target on McDermott International and gave the company a “buy” rating in a research note on Thursday, February 22nd. Deutsche Bank dropped their price target on McDermott International from $9.30 to $8.30 and set a “hold” rating on the stock in a research note on Thursday, February 22nd. Zacks Investment Research downgraded McDermott International from a “hold” rating to a “sell” rating in a research note on Monday, January 8th. Morgan Stanley reissued a “sell” rating on shares of McDermott International in a research note on Wednesday, December 20th. Finally, ValuEngine downgraded McDermott International from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 15th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $9.01.
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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