Geode Capital Management LLC Has $21.78 Million Stake in McDermott International, Inc. (MDR)

Geode Capital Management LLC increased its stake in shares of McDermott International, Inc. (NYSE:MDR) by 19.0% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,226,768 shares of the oil and gas company’s stock after buying an additional 514,872 shares during the period. Geode Capital Management LLC owned approximately 1.14% of McDermott International worth $21,779,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas boosted its position in McDermott International by 4.6% in the first quarter. Teacher Retirement System of Texas now owns 19,136 shares of the oil and gas company’s stock valued at $129,000 after buying an additional 849 shares during the period. Virginia Retirement Systems ET AL boosted its position in McDermott International by 2.1% in the first quarter. Virginia Retirement Systems ET AL now owns 268,183 shares of the oil and gas company’s stock valued at $1,810,000 after buying an additional 5,483 shares during the period. Clinton Group Inc. boosted its position in McDermott International by 6.2% in the first quarter. Clinton Group Inc. now owns 108,901 shares of the oil and gas company’s stock valued at $735,000 after buying an additional 6,362 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its position in McDermott International by 44.8% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 29,177 shares of the oil and gas company’s stock valued at $216,000 after buying an additional 9,022 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in McDermott International by 4.9% in the first quarter. Ameriprise Financial Inc. now owns 196,454 shares of the oil and gas company’s stock valued at $1,326,000 after buying an additional 9,183 shares during the period. Institutional investors own 73.71% of the company’s stock.

Shares of McDermott International, Inc. (NYSE:MDR) traded up 0.75% during mid-day trading on Friday, hitting $6.69. 2,173,110 shares of the stock were exchanged. McDermott International, Inc. has a 12-month low of $4.41 and a 12-month high of $8.33. The stock’s 50 day moving average price is $7.01 and its 200-day moving average price is $6.94. The stock has a market capitalization of $1.90 billion, a P/E ratio of 25.73 and a beta of 1.37.

McDermott International (NYSE:MDR) last posted its quarterly earnings results on Tuesday, July 25th. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by $0.03. McDermott International had a net margin of 2.95% and a return on equity of 5.55%. The business had revenue of $788.20 million during the quarter, compared to analyst estimates of $856.54 million. During the same period in the previous year, the business posted $0.07 EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities research analysts expect that McDermott International, Inc. will post $0.41 EPS for the current fiscal year.

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Several research analysts have recently weighed in on the stock. BidaskClub cut shares of McDermott International from a “hold” rating to a “sell” rating in a report on Thursday. Scotiabank reiterated a “buy” rating and issued a $9.00 price target on shares of McDermott International in a report on Friday, July 28th. TheStreet upgraded shares of McDermott International from a “c” rating to a “b-” rating in a report on Tuesday, July 25th. ValuEngine cut shares of McDermott International from a “buy” rating to a “hold” rating in a report on Tuesday, June 6th. Finally, Deutsche Bank AG reissued a “hold” rating and issued a $7.00 price objective (down previously from $8.00) on shares of McDermott International in a research report on Saturday, April 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $8.29.

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.

Institutional Ownership by Quarter for McDermott International (NYSE:MDR)

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