McDermott International (MDR) Shares Down 26.7%

McDermott International Inc (NYSE:MDR) was down 26.7% on Wednesday . The stock traded as low as $6.81 and last traded at $6.82. Approximately 27,613,967 shares traded hands during trading, an increase of 542% from the average daily volume of 4,298,792 shares. The stock had previously closed at $9.30.

Several equities research analysts recently weighed in on MDR shares. TheStreet lowered McDermott International from a “b-” rating to a “c+” rating in a research report on Wednesday, October 24th. Citigroup dropped their price target on McDermott International from $21.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, November 1st. Finally, Zacks Investment Research upgraded McDermott International from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. McDermott International presently has an average rating of “Hold” and a consensus price target of $25.32.

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The company has a market cap of $1.68 billion, a PE ratio of 3.55 and a beta of 2.73. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.96.

In related news, SVP Tareq Kawash acquired 26,000 shares of the stock in a transaction on Friday, November 23rd. The stock was acquired at an average price of $7.90 per share, for a total transaction of $205,400.00. Following the completion of the purchase, the senior vice president now owns 28,481 shares of the company’s stock, valued at $224,999.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.80% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in MDR. Penserra Capital Management LLC raised its stake in shares of McDermott International by 96.8% in the fourth quarter. Penserra Capital Management LLC now owns 5,368 shares of the oil and gas company’s stock worth $35,000 after purchasing an additional 2,640 shares during the last quarter. BB&T Securities LLC purchased a new position in shares of McDermott International in the fourth quarter worth $66,000. Oregon Public Employees Retirement Fund increased its position in McDermott International by 554.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 463,483 shares of the oil and gas company’s stock valued at $71,000 after acquiring an additional 392,614 shares during the last quarter. Brave Asset Management Inc. purchased a new stake in McDermott International during the fourth quarter valued at $78,000. Finally, CWM Advisors LLC purchased a new stake in McDermott International during the fourth quarter valued at $87,000. Institutional investors and hedge funds own 83.18% of the company’s stock.

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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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