MRC Global (NYSE:MRC) Issues Quarterly Earnings Results, Misses Expectations By $0.15 EPS

MRC Global (NYSE:MRC) issued its earnings results on Wednesday. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15), Zacks reports. The company had revenue of $678.00 million during the quarter, compared to analysts’ expectations of $854.60 million. MRC Global had a positive return on equity of 11.81% and a negative net margin of 0.10%.The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.22 EPS.

MRC Global Price Performance

NYSE:MRC traded down $0.07 during mid-day trading on Thursday, hitting $13.78. 1,994,171 shares of the company’s stock traded hands, compared to its average volume of 814,362. MRC Global has a 1 year low of $9.23 and a 1 year high of $15.59. The company has a market cap of $1.17 billion, a PE ratio of -57.40 and a beta of 1.63. The firm’s 50 day simple moving average is $14.33 and its 200 day simple moving average is $13.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.00 and a current ratio of 1.84.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE increased its stake in shares of MRC Global by 167.3% in the second quarter. Bank of America Corp DE now owns 2,468,978 shares of the oil and gas company’s stock worth $33,850,000 after buying an additional 1,545,331 shares during the last quarter. Bridgeway Capital Management LLC raised its stake in shares of MRC Global by 1.1% during the second quarter. Bridgeway Capital Management LLC now owns 700,376 shares of the oil and gas company’s stock valued at $9,602,000 after purchasing an additional 7,682 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of MRC Global by 1.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 270,742 shares of the oil and gas company’s stock valued at $3,108,000 after purchasing an additional 4,052 shares in the last quarter. Legal & General Group Plc raised its stake in shares of MRC Global by 3.7% during the second quarter. Legal & General Group Plc now owns 94,630 shares of the oil and gas company’s stock valued at $1,298,000 after purchasing an additional 3,358 shares in the last quarter. Finally, Norges Bank bought a new stake in MRC Global in the second quarter worth about $1,069,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on MRC shares. Zacks Research upgraded shares of MRC Global to a “hold” rating in a research note on Friday, August 8th. Loop Capital cut shares of MRC Global from a “buy” rating to a “hold” rating and set a $16.00 target price for the company. in a research 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 target for the company. in a report on Thursday, October 2nd. Stifel Nicolaus reduced their target price 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 reaffirmed a “hold (c-)” rating on shares of MRC Global in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, MRC Global currently has a consensus rating of “Hold” and an average target price of $15.67.

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.