Martingale Asset Management L P Acquires 124,374 Shares of McDermott International, Inc. (MDR)
Martingale Asset Management L P boosted its holdings in shares of McDermott International, Inc. (NYSE:MDR) by 1,119.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 135,484 shares of the oil and gas company’s stock after acquiring an additional 124,374 shares during the period. Martingale Asset Management L P’s holdings in McDermott International were worth $972,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Private Advisor Group LLC purchased a new position in McDermott International during the 2nd quarter valued at about $106,000. CIBC World Markets Inc. purchased a new position in McDermott International during the 1st quarter valued at about $101,000. Everence Capital Management Inc. purchased a new position in McDermott International during the 2nd quarter valued at about $116,000. HighTower Advisors LLC lifted its position in McDermott International by 13.0% during the 1st quarter. HighTower Advisors LLC now owns 17,396 shares of the oil and gas company’s stock valued at $117,000 after acquiring an additional 2,000 shares during the period. Finally, World Asset Management Inc purchased a new position in McDermott International during the 2nd quarter valued at about $134,000. 87.09% of the stock is owned by institutional investors.
Shares of McDermott International, Inc. (NYSE:MDR) opened at 7.01 on Friday. The firm’s 50-day moving average is $6.26 and its 200-day moving average is $6.56. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of 26.96 and a beta of 1.40. McDermott International, Inc. has a 1-year low of $4.41 and a 1-year high of $8.33.
McDermott International (NYSE:MDR) last released its quarterly earnings results on Tuesday, July 25th. The oil and gas company reported $0.13 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.03). The firm had revenue of $788.20 million for the quarter, compared to analysts’ expectations of $856.54 million. McDermott International had a net margin of 2.95% and a return on equity of 5.55%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.07 earnings per share. Analysts forecast that McDermott International, Inc. will post $0.42 earnings per share for the current fiscal year.
A number of research analysts recently issued reports on MDR shares. TheStreet raised shares of McDermott International from a “c” rating to a “b-” rating in a research report on Tuesday, July 25th. BidaskClub raised shares of McDermott International from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Scotiabank reissued a “buy” rating and set a $9.00 price target on shares of McDermott International in a research report on Friday, July 28th. ValuEngine cut shares of McDermott International from a “buy” rating to a “hold” rating in a research report on Tuesday, June 6th. Finally, KeyCorp reissued a “hold” rating on shares of McDermott International in a research report on Friday, August 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $8.47.
McDermott International Profile
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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