MRC Global (NYSE:MRC) Shares Gap Down – Here’s What Happened

Shares of MRC Global Inc. (NYSE:MRC) gapped down before the market opened on Friday . The stock had previously closed at $11.11, but opened at $10.31. MRC Global shares last traded at $10.06, with a volume of 245,673 shares trading hands.

MRC Global Stock Performance

The business’s 50-day moving average price is $13.16 and its 200-day moving average price is $13.01. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The stock has a market cap of $976.37 million, a P/E ratio of 13.17 and a beta of 1.96.

MRC Global (NYSE:MRC) last issued its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The firm had revenue of $736.80 million during the quarter, compared to the consensus estimate of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 EPS. As a group, sell-side analysts expect that MRC Global Inc. will post 0.86 earnings per share for the current fiscal year.

MRC Global declared that its Board of Directors has authorized a stock repurchase program on Friday, January 3rd that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to buy up to 11% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC boosted its holdings in MRC Global by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 34,562 shares of the oil and gas company’s stock worth $440,000 after buying an additional 1,234 shares during the period. Swiss National Bank boosted its holdings in MRC Global by 0.9% in the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock worth $2,143,000 after buying an additional 1,500 shares during the period. MetLife Investment Management LLC lifted its stake in MRC Global by 3.8% in the 4th quarter. MetLife Investment Management LLC now owns 51,551 shares of the oil and gas company’s stock worth $659,000 after purchasing an additional 1,886 shares in the last quarter. Federated Hermes Inc. lifted its stake in MRC Global by 2.0% in the 4th quarter. Federated Hermes Inc. now owns 104,601 shares of the oil and gas company’s stock worth $1,337,000 after purchasing an additional 2,003 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd lifted its stake in MRC Global by 7.1% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock worth $427,000 after purchasing an additional 2,219 shares in the last quarter. Institutional investors own 94.97% of the company’s stock.

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.