McDermott Slumps 14% as Q1 EPS Misses Expectations

By
A A A

Shares in McDermott ( MDR ), which makes pipelines for offshore oil fields, have slumped almost 14% to $9.49 after the company reported earnings that missed forecasts after the bell on Wednesday.

The company had Q1 EPS of $0.09, missing the Capital IQ consensus estimate of $0.14. Revenues of $807.5 million however, beat the consensus of $749.58 million.

According to Bloomberg News, the drop in the share price is the biggest for the company in 18 months.


Deutsche Bank initiated coverage on the stock today with a Hold rating and a price target of $12.00.

MDR shares are trading within a 52-week range of $9.04 - $13.56.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: MDR

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

50%

Most Active by Volume

33,110,376
  • $113.99 ▲ 1.77%
25,034,179
    $17.98 unch
24,486,872
  • $7.41 ▲ 2.07%
20,864,535
  • $7.39 ▼ 2.76%
18,600,501
  • $8.30 ▼ 0.36%
17,530,211
  • $8.14 ▲ 3.17%
17,299,208
  • $93.79 ▲ 2.74%
14,669,760
  • $25.78 ▼ 0.19%
As of 12/26/2014, 04:15 PM


Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com