MRC Global (NYSE:MRC) Cut to “Hold” at StockNews.com

StockNews.com cut shares of MRC Global (NYSE:MRC) from a buy rating to a hold rating in a report released on Monday.

Several other equities analysts also recently issued reports on the stock. Stifel Nicolaus decreased their price objective on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday. Susquehanna lowered their price target on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research note on Monday.

MRC Global Stock Up 2.4 %

Shares of NYSE:MRC opened at $12.41 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. The firm has a market capitalization of $1.06 billion, a PE ratio of 14.26 and a beta of 1.96. The firm’s 50-day moving average is $13.10 and its two-hundred day moving average is $12.99. MRC Global has a 1 year low of $9.42 and a 1 year high of $15.41.

MRC Global (NYSE:MRC) last released its earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. The firm had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.23 earnings per share. Analysts predict that MRC Global will post 0.86 EPS for the current year.

MRC Global declared that its board has authorized a share repurchase plan on Friday, January 3rd that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to reacquire up to 11% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On MRC Global

Several institutional investors and hedge funds have recently modified their holdings of MRC. Victory Capital Management Inc. increased its position in MRC Global by 2.0% during the 3rd quarter. Victory Capital Management Inc. now owns 1,369,515 shares of the oil and gas company’s stock worth $17,448,000 after purchasing an additional 26,619 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of MRC Global in the 3rd quarter worth approximately $329,000. Empowered Funds LLC acquired a new stake in shares of MRC Global during the 3rd quarter valued at approximately $3,607,000. Pzena Investment Management LLC lifted its stake in MRC Global by 0.4% during the third quarter. Pzena Investment Management LLC now owns 5,770,791 shares of the oil and gas company’s stock worth $73,520,000 after purchasing an additional 20,407 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in MRC Global in the third quarter worth $193,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

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.