McDermott International (MDR) Shares Gap Up After Insider Buying Activity

Shares of McDermott International Inc (NYSE:MDR) gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $9.52, but opened at $9.95. McDermott International shares last traded at $10.29, with a volume of 4637171 shares changing hands.

Specifically, SVP Scott Munro sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $15.90, for a total value of $35,775.00. Following the completion of the sale, the senior vice president now owns 33,020 shares of the company’s stock, valued at $525,018. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Ian Prescott acquired 12,000 shares of the firm’s stock in a transaction on Friday, November 2nd. The stock was purchased at an average cost of $8.68 per share, with a total value of $104,160.00. Following the purchase, the senior vice president now owns 12,000 shares of the company’s stock, valued at $104,160. The disclosure for this purchase can be found here. In the last three months, insiders acquired 127,300 shares of company stock valued at $1,255,068. 0.80% of the stock is owned by insiders.

Several analysts have recently weighed in on MDR shares. Citigroup decreased their price target on shares of McDermott International from $21.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, November 1st. TheStreet downgraded shares of McDermott International from a “b-” rating to a “c+” rating in a research note on Wednesday, October 24th. KeyCorp decreased 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 research note on Monday, July 23rd. Zacks Investment Research downgraded shares of McDermott International from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 11th. Finally, ValuEngine downgraded shares of McDermott International from a “sell” rating to a “strong sell” rating in a research note on Thursday, September 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. McDermott International has a consensus rating of “Hold” and a consensus target price of $25.32.

The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.96. The company has a market cap of $1.58 billion, a price-to-earnings ratio of 5.36 and a beta of 2.58.

McDermott International (NYSE:MDR) last posted its quarterly 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). McDermott International had a net margin of 2.05% and a return on equity of 8.40%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm posted $0.33 EPS. The business’s revenue was up 138.7% on a year-over-year basis. As a group, equities analysts predict that McDermott International Inc will post 1.03 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. purchased a new position in McDermott International during the second quarter valued at approximately $117,000. Ladenburg Thalmann Financial Services Inc. purchased a new position in McDermott International during the second quarter valued at approximately $128,000. Hanson & Doremus Investment Management increased its holdings in McDermott International by 60.2% during the second quarter. Hanson & Doremus Investment Management now owns 6,831 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 2,566 shares during the period. Icon Wealth Partners LLC purchased a new position in McDermott International during the second quarter valued at approximately $134,000. Finally, Stratos Wealth Partners LTD. purchased a new position in McDermott International during the third quarter valued at approximately $147,000. 87.85% of the stock is owned by hedge funds and other institutional investors.

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About McDermott International (NYSE:MDR)

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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