McDermott International (NYSE:MDR) Shares Gap Down to $0.82

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Shares of McDermott International Inc (NYSE:MDR) gapped down prior to trading on Wednesday . The stock had previously closed at $0.78, but opened at $0.82. McDermott International shares last traded at $0.85, with a volume of 232,372 shares traded.

Separately, Citigroup lowered their target price on shares of McDermott International from $11.00 to $7.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th.

The stock’s 50-day moving average is $1.32 and its 200 day moving average is $4.93. The stock has a market cap of $145.53 million, a price-to-earnings ratio of -0.85 and a beta of 2.97. The company has a debt-to-equity ratio of 7.01, a current ratio of 0.40 and a quick ratio of 0.39.

McDermott International (NYSE:MDR) last released its earnings results on Monday, November 4th. The oil and gas company reported ($1.80) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.73) by ($1.07). The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.45 billion. McDermott International had a negative return on equity of 349.92% and a negative net margin of 56.57%. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS.

In other McDermott International news, insider Hook Sandra 714,285 shares of the stock in a transaction on Monday, November 25th. 0.97% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in MDR. Kingstown Capital Management L.P. increased its stake in McDermott International by 33.3% in the 2nd quarter. Kingstown Capital Management L.P. now owns 8,000,000 shares of the oil and gas company’s stock valued at $77,280,000 after purchasing an additional 2,000,000 shares in the last quarter. Luminus Management LLC grew its holdings in McDermott International by 1,145.8% in the second quarter. Luminus Management LLC now owns 6,760,941 shares of the oil and gas company’s stock valued at $65,311,000 after purchasing an additional 6,218,241 shares during the last quarter. Van ECK Associates Corp increased its position in shares of McDermott International by 32.9% in the second quarter. Van ECK Associates Corp now owns 3,866,611 shares of the oil and gas company’s stock valued at $37,351,000 after buying an additional 956,869 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of McDermott International by 18.5% in the second quarter. Russell Investments Group Ltd. now owns 2,889,922 shares of the oil and gas company’s stock valued at $27,906,000 after buying an additional 451,354 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of McDermott International by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,244,034 shares of the oil and gas company’s stock valued at $21,677,000 after buying an additional 38,183 shares in the last quarter. 79.26% of the stock is owned by institutional investors.

About McDermott International (NYSE:MDR)

McDermott International, Inc provides engineering, procurement, construction and installation, and technology solutions to the energy industry worldwide. It operates through five segments: North, Central and South America; Europe, Africa, Russia and Caspian; the Middle East and North Africa; Asia Pacific; and Technology.

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