NEW YORK (TheStreet) -- Shares of McDermott International (MDR) are higher by 9.29% to $2.77 in early afternoon trading on Tuesday, as energy and oil related stocks get a boost from the rise in oil prices.
Crude oil for February delivery is up by 2.52% to $56.65 per barrel on the NYMEX this afternoon.
McDermott is an engineering, production, construction, and installation company that focuses on designing and executing offshore oil and gas projects across the globe.
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Oil is on the rise today following strong U.S. economic growth data, and comments made by members of OPEC, MarketWatch reports.
Data released today showed U.S. third quarter gross domestic product grew by an unexpected 5% annual rate, the highest in 11-years, MarketWatch added.
Additionally, OPEC producers said they are expecting global oil prices to rebound in a range between $70 and $80 per barrel by the end of next year, Reuters reports.
The OPEC members said they are expecting oil to rebound on a revival in demand due to a global economic recovery, Reuters added.
Separately, TheStreet Ratings team rates MCDERMOTT INTL INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MCDERMOTT INTL INC (MDR) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."