Stock Repurchase Program Declared by MRC Global (NYSE:MRC) Board

MRC Global (NYSE:MRC) declared that its Board of Directors has initiated a stock buyback program on Friday, January 3rd, RTT News reports. The company plans to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MRC shares. StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 9th. Stifel Nicolaus raised their price target on MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Susquehanna boosted their price target on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research note on Thursday, November 7th.

MRC Global Trading Up 4.8 %

Shares of MRC stock opened at $13.30 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. MRC Global has a fifty-two week low of $9.77 and a fifty-two week high of $14.91. The stock has a market capitalization of $1.13 billion, a P/E ratio of 15.29 and a beta of 1.97. The company has a 50 day moving average price of $13.28 and a 200 day moving average price of $12.97.

MRC Global (NYSE:MRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $797.00 million for the quarter, compared to the consensus estimate of $794.17 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. 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 business posted $0.32 EPS. Equities research analysts predict that MRC Global will post 0.85 EPS for the current fiscal year.

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.