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McDermott International (NYSE: MDR) is a global oil engineering and construction company that specializes in offshore oil and gas construction and power generation systems.
Although more diversified than pure oil plays, McDermott has benefited greatly from the increase in price in crude.
The speculation is that McDermott will be quite busy with construction projects, as drillers are more active with the higher prices.
Such speculation resulted in a price gain of nearly 90% this year.
I recommend taking your money off the table at current prices, as oil appears to be artifically high. OPEC cheating on production cuts is likely to add supply to the market, leaving speculators rushing to close long positions.
Next: Oil stock #2
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