Zacks: Analysts Anticipate McDermott International Inc (MDR) Will Announce Quarterly Sales of $2.50 Billion

Wall Street analysts expect that McDermott International Inc (NYSE:MDR) will post sales of $2.50 billion for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for McDermott International’s earnings, with estimates ranging from $2.46 billion to $2.54 billion. McDermott International posted sales of $958.53 million in the same quarter last year, which suggests a positive year-over-year growth rate of 160.8%. The business is expected to announce its next earnings results on Wednesday, November 7th.

According to Zacks, analysts expect that McDermott International will report full year sales of $7.31 billion for the current financial year, with estimates ranging from $7.30 billion to $7.33 billion. For the next financial year, analysts forecast that the company will post sales of $9.77 billion, with estimates ranging from $9.75 billion to $9.79 billion. Zacks’ sales averages are an average based on a survey of research firms that follow McDermott International.

McDermott International (NYSE:MDR) last posted its earnings results on Tuesday, July 31st. The oil and gas company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.07. The company had revenue of $1.74 billion for the quarter, compared to analyst estimates of $1.98 billion. McDermott International had a net margin of 5.04% and a return on equity of 10.38%. The business’s revenue for the quarter was up 119.9% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share.

Several equities research analysts have weighed in on MDR shares. Zacks Investment Research lowered shares of McDermott International from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 11th. ValuEngine lowered shares of McDermott International from a “sell” rating to a “strong sell” rating in a report on Thursday, September 6th. Credit Suisse Group cut their target price on shares of McDermott International from $25.00 to $23.00 and set a “neutral” rating on the stock in a report on Monday, August 13th. Citigroup cut their target price on shares of McDermott International from $27.00 to $21.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. Finally, KeyCorp cut their target price on shares of McDermott International from $42.00 to $38.00 and set a “$17.66” rating on the stock in a report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $26.18.

MDR opened at $17.58 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.96. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 9.16 and a beta of 1.79. McDermott International has a twelve month low of $16.14 and a twelve month high of $27.21.

In related news, SVP Scott Munro sold 2,250 shares of the firm’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 sale, the senior vice president now directly owns 35,270 shares in the company, valued at $630,274.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.80% of the company’s stock.

Several large investors have recently modified their holdings of MDR. Wells Fargo & Company MN raised its holdings in shares of McDermott International by 87.8% during the first 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 during the period. Aperio Group LLC grew its position in McDermott International by 12.7% in the first quarter. Aperio Group LLC now owns 118,498 shares of the oil and gas company’s stock valued at $722,000 after purchasing an additional 13,317 shares in the last quarter. Northern Trust Corp grew its position in McDermott International by 15.7% in the first quarter. Northern Trust Corp now owns 7,723,217 shares of the oil and gas company’s stock valued at $47,035,000 after purchasing an additional 1,050,039 shares in the last quarter. BlackRock Inc. grew its position in McDermott International by 0.7% in the first quarter. BlackRock Inc. now owns 36,989,181 shares of the oil and gas company’s stock valued at $225,266,000 after purchasing an additional 246,541 shares in the last quarter. Finally, Federated Investors Inc. PA grew its position in McDermott International by 56.0% in the first quarter. Federated Investors Inc. PA now owns 38,323 shares of the oil and gas company’s stock valued at $233,000 after purchasing an additional 13,761 shares in the last quarter. Institutional investors and hedge funds own 87.82% of the company’s stock.

About McDermott International

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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