McDermott International (MDR) PT Lowered to $13.00 at Citigroup

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McDermott International (NYSE:MDR) had its target price dropped by equities research analysts at Citigroup from $21.00 to $13.00 in a research note issued to investors on Thursday. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price target would indicate a potential upside of 58.34% from the company’s current price.

A number of other research firms have also recently commented on MDR. Zacks Investment Research cut McDermott International from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 11th. KeyCorp decreased their price target on McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. ValuEngine cut McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Credit Suisse Group decreased their price target on McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. Finally, TheStreet cut McDermott International from a “b-” rating to a “c+” rating in a report on Wednesday, October 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $25.18.

NYSE MDR traded up $0.48 on Thursday, hitting $8.21. 5,141,008 shares of the company traded hands, compared to its average volume of 2,920,630. The company has a market capitalization of $2.32 billion, a PE ratio of 4.28 and a beta of 1.79. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.92 and a current ratio of 0.93. McDermott International has a 52-week low of $6.97 and a 52-week high of $27.21.

McDermott International (NYSE:MDR) last released its earnings results on Tuesday, October 30th. The oil and gas company reported $0.20 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.09). The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.50 billion. McDermott International had a net margin of 2.05% and a return on equity of 9.45%. McDermott International’s revenue for the quarter was up 138.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.33 earnings per share. On average, sell-side analysts forecast that McDermott International will post 1.53 EPS for the current year.

In other McDermott International news, SVP Scott Munro sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $15.90, for a total transaction of $35,775.00. Following the sale, the senior vice president now directly owns 33,020 shares of the company’s stock, valued at $525,018. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of MDR. Renaissance Technologies LLC bought a new stake in shares of McDermott International in the second quarter worth about $37,690,000. Luminus Management LLC bought a new stake in shares of McDermott International in the second quarter worth about $45,791,000. Victory Capital Management Inc. increased its holdings in shares of McDermott International by 8,843.0% in the second quarter. Victory Capital Management Inc. now owns 2,266,777 shares of the oil and gas company’s stock worth $44,542,000 after purchasing an additional 2,241,430 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of McDermott International in the second quarter worth about $43,106,000. Finally, Beck Mack & Oliver LLC bought a new stake in shares of McDermott International in the second quarter worth about $35,605,000. 87.89% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for McDermott International (NYSE:MDR)

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