MRC Global Inc. (NYSE:MRC) Sees Large Increase in Short Interest

MRC Global Inc. (NYSE:MRC) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 1,900,000 shares, a growth of 55.7% from the June 30th total of 1,220,000 shares. Based on an average daily volume of 668,400 shares, the days-to-cover ratio is currently 2.8 days.

MRC Global Stock Performance

MRC stock traded up $0.27 during trading on Friday, reaching $14.85. 457,356 shares of the stock were exchanged, compared to its average volume of 905,710. The company has a market capitalization of $1.26 billion, a P/E ratio of 17.27 and a beta of 2.00. MRC Global has a twelve month low of $8.15 and a twelve month high of $14.91. The stock has a 50 day simple moving average of $13.09 and a 200-day simple moving average of $12.21. The company has a current ratio of 1.48, a quick ratio of 0.81 and a debt-to-equity ratio of 0.01.

MRC Global (NYSE:MRC) last issued its earnings results on Wednesday, May 8th. The oil and gas company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. The business had revenue of $806.00 million for the quarter, compared to analyst estimates of $760.76 million. MRC Global had a net margin of 2.97% and a return on equity of 23.60%. The firm’s revenue was down 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. As a group, sell-side analysts anticipate that MRC Global will post 1 earnings per share for the current year.

Insider Activity

In other news, insider Grant R. Bates sold 35,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $13.57, for a total transaction of $474,950.00. Following the completion of the sale, the insider now owns 110,191 shares in the company, valued at approximately $1,495,291.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Grant R. Bates sold 35,000 shares of MRC Global stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $13.57, for a total value of $474,950.00. Following the transaction, the insider now owns 110,191 shares of the company’s stock, valued at $1,495,291.87. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Leonard M. Anthony sold 40,000 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $13.78, for a total transaction of $551,200.00. Following the sale, the director now directly owns 101,120 shares of the company’s stock, valued at $1,393,433.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 90,698 shares of company stock worth $1,242,374. 20.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MRC Global

Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new stake in MRC Global during the 4th quarter valued at $152,000. Sequoia Financial Advisors LLC acquired a new stake in shares of MRC Global in the fourth quarter valued at $122,000. Mackenzie Financial Corp bought a new position in shares of MRC Global in the fourth quarter valued at about $120,000. Bailard Inc. lifted its position in MRC Global by 78.7% during the 4th quarter. Bailard Inc. now owns 60,410 shares of the oil and gas company’s stock worth $665,000 after buying an additional 26,600 shares in the last quarter. Finally, SummerHaven Investment Management LLC grew its holdings in MRC Global by 1.5% during the 4th quarter. SummerHaven Investment Management LLC now owns 70,162 shares of the oil and gas company’s stock worth $772,000 after acquiring an additional 1,025 shares during the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.

Analyst Upgrades and Downgrades

MRC has been the topic of a number of recent analyst reports. StockNews.com upgraded MRC Global from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 10th. Susquehanna reiterated a “positive” rating and set a $16.00 price target on shares of MRC Global in a report on Wednesday, June 26th.

MRC Global Company Profile

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.