MRC Global Inc. (MRC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research cut shares of MRC Global Inc. (NYSE:MRC) from a hold rating to a sell rating in a research note released on Tuesday morning.

According to Zacks, “MRC Global’s second-quarter 2017 earnings missed the Zacks Consensus Estimate by a penny. Notably, quarterly gross margin had contracted 60 basis points year over year. Over the last month, the stock has outperformed the industry but we fear that lingering headwinds might dent near-term results. For instance, further slump in oil prices would continue to depress the company’s downstream businesses in the upcoming quarters. Moreover, other headwinds such as foreign currency translation impact or stiff industry rivalry remain major causes of concern as well. Over the last 60 days, Zacks Consensus Estimate for the stock has moved south for 2017.”

A number of other analysts also recently commented on MRC. Seaport Global Securities downgraded shares of MRC Global from a buy rating to a neutral rating and dropped their target price for the stock from $25.00 to $17.00 in a report on Wednesday, June 21st. ValuEngine downgraded shares of MRC Global from a hold rating to a sell rating in a research report on Saturday, June 24th. Stifel Nicolaus reissued a buy rating on shares of MRC Global in a research report on Friday, July 7th. Wells Fargo & Company reissued a market perform rating and issued a $17.00 target price (down from $20.00) on shares of MRC Global in a research report on Wednesday, July 12th. Finally, Cowen and Company lifted their target price on shares of MRC Global from $20.00 to $24.00 and gave the stock an outperform rating in a research report on Monday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $21.22.

MRC Global (NYSE:MRC) traded up 1.03% during mid-day trading on Tuesday, hitting $17.74. 362,095 shares of the stock traded hands. MRC Global has a 12-month low of $13.68 and a 12-month high of $22.52. The stock has a 50 day moving average price of $17.41 and a 200 day moving average price of $17.41. The firm’s market cap is $1.68 billion.

MRC Global (NYSE:MRC) last released its earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The business had revenue of $922.00 million during the quarter, compared to the consensus estimate of $916.82 million. During the same quarter in the previous year, the firm earned ($0.15) earnings per share. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, analysts expect that MRC Global will post $0.12 earnings per share for the current fiscal year.

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A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in MRC Global by 12.5% during the first quarter. Vanguard Group Inc. now owns 8,073,947 shares of the oil and gas company’s stock valued at $147,994,000 after purchasing an additional 894,581 shares in the last quarter. BlackRock Inc. grew its position in MRC Global by 8.9% during the second quarter. BlackRock Inc. now owns 7,758,258 shares of the oil and gas company’s stock valued at $128,164,000 after purchasing an additional 632,231 shares in the last quarter. FMR LLC grew its position in MRC Global by 1.8% during the second quarter. FMR LLC now owns 6,270,253 shares of the oil and gas company’s stock valued at $103,585,000 after purchasing an additional 108,278 shares in the last quarter. JPMorgan Chase & Co. grew its position in MRC Global by 3.4% during the second quarter. JPMorgan Chase & Co. now owns 2,892,475 shares of the oil and gas company’s stock valued at $47,784,000 after purchasing an additional 95,838 shares in the last quarter. Finally, Ardevora Asset Management LLP grew its position in MRC Global by 38.1% during the second quarter. Ardevora Asset Management LLP now owns 2,015,100 shares of the oil and gas company’s stock valued at $33,289,000 after purchasing an additional 556,400 shares in the last quarter. 96.75% of the stock is currently owned by hedge funds and other institutional investors.

MRC Global Company Profile

MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.

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