Longboard Asset Management LP Takes $134,000 Position in MRC Global Inc. (NYSE:MRC)

Longboard Asset Management LP bought a new position in shares of MRC Global Inc. (NYSE:MRC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 10,513 shares of the oil and gas company’s stock, valued at approximately $134,000.

Several other hedge funds have also recently modified their holdings of the stock. Essex Investment Management Co. LLC raised its holdings in shares of MRC Global by 0.4% during the third quarter. Essex Investment Management Co. LLC now owns 300,195 shares of the oil and gas company’s stock valued at $3,824,000 after acquiring an additional 1,063 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in MRC Global by 4.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 32,061 shares of the oil and gas company’s stock valued at $414,000 after purchasing an additional 1,289 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in MRC Global by 20.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock valued at $198,000 after purchasing an additional 2,639 shares in the last quarter. MQS Management LLC acquired a new stake in MRC Global during the 3rd quarter worth $154,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of MRC Global during the third quarter worth $167,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Trading Up 0.7 %

Shares of MRC opened at $14.48 on Wednesday. MRC Global Inc. has a 12-month low of $10.24 and a 12-month high of $15.41. The firm has a market capitalization of $1.23 billion, a P/E ratio of 16.65 and a beta of 1.97. The firm has a 50-day moving average price of $13.69 and a 200 day moving average price of $13.18. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

MRC Global (NYSE:MRC) last posted its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The business had revenue of $797.00 million during the quarter, compared to analysts’ expectations of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.32 EPS. Sell-side analysts forecast that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has initiated a stock repurchase program on Friday, January 3rd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the oil and gas company to buy up to 11% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

MRC has been the topic of several research reports. StockNews.com downgraded shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th. Susquehanna raised their target price on shares of MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research note on Thursday, November 7th. Finally, Stifel Nicolaus upped their price target on MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th.

About MRC Global

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.