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McDermott Receives Subsea Contract from Hess Corporation
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Offshore oil and gas-focused engineering and construction firm McDermott International Inc. recently reported that it has been awarded an offshore subsea contract by Hess Corporation (HES). The contract pertains to subsea tieback work for Hess’ deepwater Penn State Deep field.
Located in the Gulf of Mexico, the Penn State Deep field began production in 1999. It was discovered in 1996 and is located in the Garden Banks 216 block in approximately 1,500 feet of water. The impact of the contract will be reflected in McDermott’s first-quarter 2017 backlog.
Incorporated in 1959, Houston, TX-based McDermott is an engineering and construction company that solely focuses on the offshore oil and gas business. McDermott primarily serves the worldwide offshore oil and gas field developments, including the front-end design and detailed engineering, fabrication and installation of offshore drilling and production facilities. It also engages in the installation of marine pipelines and subsea production systems.
Recently, the company reported fourth-quarter 2016 earnings of 2 cents per share, which compared favorably with the Zacks Consensus Estimate of a loss of a penny. Improved project execution and operational profitability led to the outperformance. The bottom line, however, deteriorated from the year-ago quarter’s earnings.
Over the past year, the Zacks categorized Oil and Gas-Mechanical and Equipment industry has registered an impressive growth of 15.8%. However, McDermott shares have outperformed the industry by surging 90.4%.
The company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
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McDermott Receives Subsea Contract from Hess Corporation
Offshore oil and gas-focused engineering and construction firm McDermott International Inc. recently reported that it has been awarded an offshore subsea contract by Hess Corporation (HES). The contract pertains to subsea tieback work for Hess’ deepwater Penn State Deep field.
Located in the Gulf of Mexico, the Penn State Deep field began production in 1999. It was discovered in 1996 and is located in the Garden Banks 216 block in approximately 1,500 feet of water. The impact of the contract will be reflected in McDermott’s first-quarter 2017 backlog.
Incorporated in 1959, Houston, TX-based McDermott is an engineering and construction company that solely focuses on the offshore oil and gas business. McDermott primarily serves the worldwide offshore oil and gas field developments, including the front-end design and detailed engineering, fabrication and installation of offshore drilling and production facilities. It also engages in the installation of marine pipelines and subsea production systems.
McDermott International, Inc. Price
McDermott International, Inc. Price | McDermott International, Inc. Quote
Recently, the company reported fourth-quarter 2016 earnings of 2 cents per share, which compared favorably with the Zacks Consensus Estimate of a loss of a penny. Improved project execution and operational profitability led to the outperformance. The bottom line, however, deteriorated from the year-ago quarter’s earnings.
Over the past year, the Zacks categorized Oil and Gas-Mechanical and Equipment industry has registered an impressive growth of 15.8%. However, McDermott shares have outperformed the industry by surging 90.4%.
The company carries a Zacks Rank #2 (Buy), which implies that the stock will outperform the broader U.S. equity market over the next one to three months.
Other well-ranked players from the broader energy sector include Sunrun Inc. (RUN - Free Report) , Delek Logistics Partners, L.P. (DKL - Free Report) and Ultra Petroleum Corp. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the last four quarters, Sunrun posted an average positive earnings surprise of 134.7%.
In the second last quarter, Delek Logistics Partners posted a positive earnings surprise of 13.8%.
In the last four quarters, Ultra Petroleum posted a positive earnings surprise of 93.7%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>