Short Interest in McDermott International Inc (NYSE:MDR) Declines By 7.9%

McDermott International Inc (NYSE:MDR) was the target of a large decrease in short interest during the month of July. As of July 31st, there was short interest totalling 40,304,300 shares, a decrease of 7.9% from the June 30th total of 43,737,900 shares. Based on an average daily trading volume, of 5,380,000 shares, the short-interest ratio is currently 7.5 days. Currently, 22.5% of the shares of the company are sold short.

Several large investors have recently made changes to their positions in the business. Quantamental Technologies LLC bought a new stake in shares of McDermott International during the 1st quarter worth approximately $39,000. Icon Wealth Partners LLC bought a new stake in shares of McDermott International during the 1st quarter worth approximately $46,000. Investors Research Corp bought a new stake in shares of McDermott International during the 1st quarter worth approximately $63,000. Coastal Investment Advisors Inc. bought a new stake in shares of McDermott International during the 2nd quarter worth approximately $72,000. Finally, Piedmont Investment Advisors Inc. bought a new position in McDermott International in the 1st quarter valued at approximately $77,000. Hedge funds and other institutional investors own 85.96% of the company’s stock.

Shares of NYSE:MDR traded up $0.07 on Thursday, reaching $4.05. 6,225,439 shares of the company’s stock were exchanged, compared to its average volume of 5,238,113. The company has a fifty day moving average of $8.25 and a 200-day moving average of $8.06. McDermott International has a twelve month low of $3.83 and a twelve month high of $20.00. The company has a market capitalization of $710.29 million, a price-to-earnings ratio of -4.09 and a beta of 3.12. The company has a current ratio of 0.69, a quick ratio of 0.68 and a debt-to-equity ratio of 7.01.

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

A number of research analysts recently commented on the stock. ValuEngine lowered shares of McDermott International from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. Citigroup decreased their target price on shares of McDermott International from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 30th. Finally, Zacks Investment Research lowered shares of McDermott International from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd.

McDermott International Company Profile

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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