McDermott International Inc (NYSE:MDR) Position Lowered by Canal Insurance CO

Canal Insurance CO decreased its stake in shares of McDermott International Inc (NYSE:MDR) by 29.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 50,000 shares of the oil and gas company’s stock after selling 20,800 shares during the period. Canal Insurance CO’s holdings in McDermott International were worth $101,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of MDR. Luminus Management LLC lifted its position in shares of McDermott International by 1,145.8% during the second quarter. Luminus Management LLC now owns 6,760,941 shares of the oil and gas company’s stock worth $65,311,000 after purchasing an additional 6,218,241 shares during the last quarter. Kingstown Capital Management L.P. lifted its position in shares of McDermott International by 33.3% during the second quarter. Kingstown Capital Management L.P. now owns 8,000,000 shares of the oil and gas company’s stock worth $77,280,000 after purchasing an additional 2,000,000 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of McDermott International during the second quarter worth about $17,412,000. Van ECK Associates Corp lifted its position in shares of McDermott International by 32.9% during the second quarter. Van ECK Associates Corp now owns 3,866,611 shares of the oil and gas company’s stock worth $37,351,000 after purchasing an additional 956,869 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of McDermott International by 18.5% during the second quarter. Russell Investments Group Ltd. now owns 2,889,922 shares of the oil and gas company’s stock worth $27,906,000 after purchasing an additional 451,354 shares during the last quarter. 88.97% of the stock is currently owned by institutional investors and hedge funds.

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

Shares of MDR stock opened at $1.66 on Friday. The stock has a market capitalization of $308.82 million, a price-to-earnings ratio of -1.68 and a beta of 3.11. McDermott International Inc has a one year low of $1.44 and a one year high of $13.70. The company’s 50-day simple moving average is $2.93 and its 200-day simple moving average is $6.42. The company has a debt-to-equity ratio of 7.01, a quick ratio of 0.68 and a current ratio of 0.69.

McDermott International (NYSE:MDR) last released its quarterly earnings data on Monday, July 29th. The oil and gas company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.15). The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $2.25 billion. McDermott International had a negative return on equity of 12.08% and a negative net margin of 33.95%. McDermott International’s revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 EPS. As a group, research analysts forecast that McDermott International Inc will post -0.33 EPS for the current year.

About McDermott International

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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Institutional Ownership by Quarter for McDermott International (NYSE:MDR)

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