Tocqueville Asset Management L.P. raised its position in shares of McDermott International Inc (NYSE:MDR) by 7.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 347,413 shares of the oil and gas company’s stock after purchasing an additional 25,000 shares during the quarter. Tocqueville Asset Management L.P.’s holdings in McDermott International were worth $6,403,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new position in shares of McDermott International in the second quarter worth $117,000. Icon Wealth Partners LLC purchased a new position in shares of McDermott International in the second quarter worth $134,000. Hanson & Doremus Investment Management lifted its holdings in shares of McDermott International by 60.2% in the second quarter. Hanson & Doremus Investment Management now owns 6,831 shares of the oil and gas company’s stock worth $134,000 after buying an additional 2,566 shares in the last quarter. Stratos Wealth Partners LTD. purchased a new position in shares of McDermott International in the third quarter worth $147,000. Finally, NumerixS Investment Technologies Inc purchased a new position in shares of McDermott International in the second quarter worth $162,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.
In other McDermott International news, CEO David Dickson purchased 39,800 shares of McDermott International stock in a transaction that occurred on Tuesday, November 6th. The shares were bought at an average price of $9.96 per share, for a total transaction of $396,408.00. Following the completion of the transaction, the chief executive officer now owns 459,889 shares of the company’s stock, valued at approximately $4,580,494.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stuart Spence purchased 25,000 shares of McDermott International stock in a transaction that occurred on Tuesday, November 6th. The stock was acquired at an average price of $9.98 per share, for a total transaction of $249,500.00. Following the transaction, the chief financial officer now directly owns 141,961 shares of the company’s stock, valued at approximately $1,416,770.78. The disclosure for this purchase can be found here. Insiders purchased 173,300 shares of company stock worth $1,629,968 in the last 90 days. 1.30% of the stock is currently owned by company insiders.
Several research firms have recently commented on MDR. Credit Suisse Group lowered their target price on shares of McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. ValuEngine downgraded shares of McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Zacks Investment Research downgraded shares of McDermott International from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 11th. TheStreet downgraded shares of McDermott International from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Finally, Citigroup lowered their target price on shares of McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, November 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $25.32.
Shares of MDR opened at $7.54 on Friday. McDermott International Inc has a fifty-two week low of $6.97 and a fifty-two week high of $27.21. The firm has a market capitalization of $1.37 billion, a P/E ratio of 3.93 and a beta of 2.56. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.96.
McDermott International (NYSE:MDR) last announced its quarterly earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.09). McDermott International had a return on equity of 8.40% and a net margin of 2.05%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm posted $0.33 EPS. The company’s revenue for the quarter was up 138.7% on a year-over-year basis. As a group, analysts anticipate that McDermott International Inc will post 1.03 EPS for the current year.
About McDermott International
McDermott International, Inc provides engineering, procurement, construction and installation, front-end engineering and design, and module fabrication services for upstream field developments. It operates through three segments: the Americas, Europe and Africa; the Middle East; and Asia. 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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