McDermott International (NYSE:MDR) Shares Down 22.2%

Shares of McDermott International Inc (NYSE:MDR) dropped 22.2% during trading on Thursday . The stock traded as low as $1.44 and last traded at $1.68, approximately 1,700,559 shares traded hands during mid-day trading. A decline of 76% from the average daily volume of 7,073,219 shares. The stock had previously closed at $2.16.

MDR has been the subject of several analyst reports. ValuEngine downgraded shares of McDermott International from a “hold” rating to a “sell” rating in a report on Wednesday, July 31st. Citigroup lowered their target price on shares of McDermott International from $11.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th.

The company’s fifty day moving average price is $4.74 and its 200 day moving average price is $7.45. The company has a market cap of $1.10 billion, a PE ratio of -1.60 and a beta of 3.23. The company has a debt-to-equity ratio of 7.01, a current ratio of 0.69 and a quick ratio of 0.68.

McDermott International (NYSE:MDR) last announced its earnings results on Monday, July 29th. The oil and gas company reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.15). The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.25 billion. McDermott International had a negative net margin of 33.95% and a negative return on equity of 12.08%. The business’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. On average, analysts forecast that McDermott International Inc will post -0.33 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Icon Wealth Partners LLC bought a new position in McDermott International during the first quarter valued at about $46,000. Coastal Investment Advisors Inc. bought a new position in McDermott International during the second quarter valued at about $72,000. First Foundation Advisors bought a new position in McDermott International during the second quarter valued at about $97,000. Piedmont Investment Advisors Inc. bought a new position in McDermott International during the first quarter valued at about $77,000. Finally, Enlightenment Research LLC bought a new position in McDermott International during the second quarter valued at about $90,000. Institutional investors own 88.97% of the company’s stock.

About McDermott International (NYSE:MDR)

McDermott International, Inc provides engineering, procurement, construction and installation, and technology solutions to the energy industry worldwide. It operates through five segments: North, Central and South America; Europe, Africa, Russia and Caspian; the Middle East and North Africa; Asia Pacific; and Technology.

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