GeoSphere Capital Management LLC Buys New Position in McDermott International Inc (MDR)

GeoSphere Capital Management LLC bought a new stake in McDermott International Inc (NYSE:MDR) in the 2nd quarter, Holdings Channel reports. The firm bought 10,800 shares of the oil and gas company’s stock, valued at approximately $212,000. McDermott International accounts for 1.2% of GeoSphere Capital Management LLC’s portfolio, making the stock its 20th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of MDR. Wells Fargo & Company MN increased its holdings in McDermott International by 87.8% in the 1st quarter. Wells Fargo & Company MN now owns 892,301 shares of the oil and gas company’s stock worth $5,434,000 after acquiring an additional 417,147 shares in the last quarter. Rhumbline Advisers increased its holdings in McDermott International by 1.4% in the 1st quarter. Rhumbline Advisers now owns 671,794 shares of the oil and gas company’s stock worth $4,091,000 after acquiring an additional 9,502 shares in the last quarter. Comerica Bank increased its holdings in McDermott International by 2.8% in the 1st quarter. Comerica Bank now owns 300,448 shares of the oil and gas company’s stock worth $1,853,000 after acquiring an additional 8,298 shares in the last quarter. Mackay Shields LLC purchased a new stake in McDermott International in the 1st quarter worth $2,084,000. Finally, Victory Capital Management Inc. purchased a new stake in McDermott International in the 1st quarter worth $154,000. Hedge funds and other institutional investors own 87.81% of the company’s stock.

In other news, SVP Scott Munro sold 2,250 shares of the company’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $17.87, for a total transaction of $40,207.50. Following the completion of the sale, the senior vice president now owns 35,270 shares of the company’s stock, valued at $630,274.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by corporate insiders.

Several equities research analysts recently commented on the stock. Zacks Investment Research lowered shares of McDermott International from a “buy” rating to a “hold” rating in a report on Tuesday, June 26th. ValuEngine lowered shares of McDermott International from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 4th. KeyCorp cut their price target on shares of McDermott International from $42.00 to $38.00 and set a “$17.66” rating for the company in a report on Monday, July 23rd. Finally, Credit Suisse Group boosted their price target on shares of McDermott International from $21.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. McDermott International currently has an average rating of “Hold” and a consensus target price of $26.18.

Shares of NYSE MDR opened at $18.39 on Friday. The firm has a market capitalization of $3.34 billion, a P/E ratio of 8.86 and a beta of 1.76. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.96. McDermott International Inc has a one year low of $16.14 and a one year high of $27.21.

McDermott International (NYSE:MDR) last released its earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.07. McDermott International had a net margin of 5.04% and a return on equity of 10.38%. The business had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.98 billion. During the same quarter in the prior year, the firm earned $0.13 earnings per share. The company’s revenue for the quarter was up 119.9% compared to the same quarter last year. equities research analysts expect that McDermott International Inc will post 1.53 earnings per share for the current year.

McDermott International Company Profile

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.

Further Reading: What are CEFs?

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

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