McDermott International Inc. (MDR) Bonds Drop 9.1% During Trading
An issue of McDermott International Inc. (NYSE:MDR) bonds fell 9.1% against their face value during trading on Friday. The high-yield debt issue has a 8% coupon and will mature on May 1, 2021. The bonds in the issue are now trading at $84.88 and were trading at $95.00 last week. Price moves in a company’s bonds in credit markets sometimes anticipate parallel moves in its stock price.
A number of research firms have recently issued reports on MDR. Credit Suisse Group AG restated a “hold” rating and set a $4.41 price objective on shares of McDermott International in a research report on Saturday, June 4th. Imperial Capital restated an “outperform” rating and set a $6.00 price objective on shares of McDermott International in a research report on Wednesday, June 8th. Zacks Investment Research cut McDermott International from a “buy” rating to a “hold” rating in a research report on Tuesday. Finally, Citigroup Inc. boosted their price objective on McDermott International from $5.00 to $6.00 and gave the company a “neutral” rating in a research report on Wednesday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.04.
McDermott International Inc. (NYSE:MDR) opened at 5.01 on Friday. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 417.50 and a beta of 1.39. McDermott International Inc. has a 52 week low of $2.20 and a 52 week high of $6.00. The stock’s 50 day moving average price is $5.00 and its 200 day moving average price is $4.68.
McDermott International (NYSE:MDR) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.06. McDermott International had a return on equity of 6.51% and a net margin of 0.12%. The business earned $706.60 million during the quarter, compared to analyst estimates of $753.43 million. During the same period in the prior year, the company earned $0.04 earnings per share. McDermott International’s revenue was down 32.5% compared to the same quarter last year. On average, equities research analysts predict that McDermott International Inc. will post $0.13 EPS for the current year.
Several large investors have recently bought and sold shares of MDR. KCG Holdings Inc. bought a new stake in McDermott International during the second quarter valued at about $101,000. BNP Paribas Arbitrage SA increased its stake in McDermott International by 2,863.2% in the second quarter. BNP Paribas Arbitrage SA now owns 20,683 shares of the company’s stock valued at $102,000 after buying an additional 19,985 shares in the last quarter. Atria Investments LLC bought a new stake in McDermott International during the second quarter valued at about $108,000. Ingalls & Snyder LLC bought a new stake in McDermott International during the second quarter valued at about $121,000. Finally, BlackRock Inc. increased its stake in McDermott International by 7.5% in the first quarter. BlackRock Inc. now owns 31,880 shares of the company’s stock valued at $130,000 after buying an additional 2,211 shares in the last quarter. Hedge funds and other institutional investors own 78.97% of the company’s stock.
About McDermott International
McDermott International, Inc is a provider of integrated engineering, procurement, construction and installation (EPCI) and module fabrication services for upstream field developments. The Company delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects.
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