JPMorgan Chase & Co. Raises Stake in MRC Global Inc. (NYSE:MRC)

JPMorgan Chase & Co. boosted its holdings in shares of MRC Global Inc. (NYSE:MRC) by 12.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 156,332 shares of the oil and gas company’s stock after purchasing an additional 17,609 shares during the period. JPMorgan Chase & Co. owned approximately 0.18% of MRC Global worth $1,992,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of MRC. Canada Pension Plan Investment Board acquired a new stake in shares of MRC Global in the 2nd quarter worth $56,000. Quarry LP lifted its stake in shares of MRC Global by 162.8% in the second quarter. Quarry LP now owns 7,333 shares of the oil and gas company’s stock valued at $95,000 after purchasing an additional 4,543 shares during the period. Deerfield Management Company L.P. Series C acquired a new stake in shares of MRC Global in the second quarter valued at about $145,000. MQS Management LLC acquired a new stake in shares of MRC Global in the third quarter valued at about $154,000. Finally, EP Wealth Advisors LLC acquired a new stake in shares of MRC Global in the third quarter valued at about $167,000. 94.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on MRC shares. StockNews.com cut shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Susquehanna lifted their target price on shares of MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, November 7th. Finally, Stifel Nicolaus lifted their target price on shares of MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th.

MRC Global Trading Down 1.0 %

Shares of MRC stock opened at $14.71 on Thursday. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 16.90 and a beta of 1.97. The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. MRC Global Inc. has a fifty-two week low of $10.19 and a fifty-two week high of $15.09. The firm’s 50 day moving average price is $13.48 and its two-hundred day moving average price is $13.10.

MRC Global (NYSE:MRC) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $797.00 million for the quarter, compared to analysts’ expectations of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. MRC Global’s revenue was down 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 earnings per share. On average, analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has initiated a stock repurchase plan on Friday, January 3rd that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.