MRC Global (NYSE:MRC) Price Target Cut to $15.00 by Analysts at Susquehanna

MRC Global (NYSE:MRC) had its target price cut by Susquehanna from $17.00 to $15.00 in a research note released on Monday,Benzinga reports. They currently have a positive rating on the oil and gas company’s stock.

Separately, Stifel Nicolaus dropped their price objective on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday.

MRC Global Stock Performance

NYSE MRC opened at $11.72 on Monday. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $13.14 and its two-hundred day moving average is $13.00. MRC Global has a 12-month low of $9.42 and a 12-month high of $15.41. The stock has a market capitalization of $998.62 million, a price-to-earnings ratio of 13.47 and a beta of 1.96.

MRC Global (NYSE:MRC) last announced its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The business had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. During the same quarter in the previous year, the company earned $0.23 EPS. The company’s quarterly revenue was down 10.3% on a year-over-year basis. Research analysts expect that MRC Global will post 0.86 EPS for the current year.

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

Hedge Funds Weigh In On MRC Global

Large investors have recently bought and sold shares of the business. Hsbc Holdings PLC raised its holdings in MRC Global by 3.7% during the fourth quarter. Hsbc Holdings PLC now owns 34,562 shares of the oil and gas company’s stock worth $440,000 after purchasing an additional 1,234 shares in the last quarter. Swiss National Bank raised its holdings in MRC Global by 0.9% during the fourth quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock worth $2,143,000 after purchasing an additional 1,500 shares in the last quarter. MetLife Investment Management LLC raised its holdings in MRC Global by 3.8% during the fourth 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. raised its holdings in MRC Global by 2.0% during the fourth 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 raised its holdings in MRC Global by 7.1% during the fourth 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.