MRC Global (NYSE:MRC) Shares Gap Down After Earnings Miss

MRC Global Inc. (NYSE:MRC)’s share price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $13.84, but opened at $12.46. MRC Global shares last traded at $13.3630, with a volume of 217,397 shares trading hands.

The oil and gas company reported ($0.07) earnings per share for the quarter. The business had revenue of $609.00 million during the quarter. MRC Global had a negative net margin of 0.10% and a positive return on equity of 11.81%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MRC shares. Zacks Research upgraded shares of MRC Global to a “hold” rating in a report on Friday, August 8th. Loop Capital cut shares of MRC Global from a “buy” rating to a “hold” rating and set a $16.00 price objective for the company. in a report on Monday, October 27th. Susquehanna cut shares of MRC Global from a “positive” rating to a “neutral” rating and set a $15.00 price objective for the company. in a report on Thursday, October 2nd. Stifel Nicolaus dropped their price objective on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday, July 21st. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of MRC Global in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $15.67.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MRC. Allspring Global Investments Holdings LLC boosted its holdings in shares of MRC Global by 52.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 23,234 shares of the oil and gas company’s stock valued at $270,000 after buying an additional 8,034 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of MRC Global by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 318,022 shares of the oil and gas company’s stock valued at $3,651,000 after buying an additional 7,974 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of MRC Global by 15.0% in the 1st quarter. Jennison Associates LLC now owns 99,678 shares of the oil and gas company’s stock valued at $1,144,000 after buying an additional 12,966 shares in the last quarter. Foundry Partners LLC boosted its holdings in shares of MRC Global by 1.4% in the 1st quarter. Foundry Partners LLC now owns 359,253 shares of the oil and gas company’s stock valued at $4,124,000 after buying an additional 4,858 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of MRC Global in the 1st quarter valued at $2,198,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Stock Performance

The firm’s fifty day moving average price is $14.35 and its 200-day moving average price is $13.58. The company has a current ratio of 1.84, a quick ratio of 1.00 and a debt-to-equity ratio of 0.83. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -55.10 and a beta of 1.63.

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.