MRC Global (NYSE:MRC) Sets New 12-Month High – Here’s What Happened

Shares of MRC Global Inc. (NYSE:MRC) reached a new 52-week high during trading on Wednesday . The stock traded as high as $14.98 and last traded at $14.90, with a volume of 29747 shares traded. The stock had previously closed at $14.85.

Wall Street Analysts Forecast Growth

MRC has been the subject of several analyst reports. Stifel Nicolaus boosted their price target on MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Susquehanna upped their target price on MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a research note on Thursday, November 7th. Finally, StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th.

MRC Global Stock Performance

The stock’s fifty day simple moving average is $13.51 and its two-hundred day simple moving average is $13.11. The company has a market cap of $1.28 billion, a price-to-earnings ratio of 17.27 and a beta of 1.97. 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 (NYSE:MRC) last issued its 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 return on equity of 19.58% and a net margin of 3.09%. The firm’s revenue for the quarter was down 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. Equities research analysts anticipate that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global announced that its board has initiated a share buyback program on Friday, January 3rd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the oil and gas company to buy up to 11% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new position in shares of MRC Global in the 4th quarter valued at $477,000. JPMorgan Chase & Co. increased its holdings in MRC Global by 12.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company’s stock valued at $1,992,000 after purchasing an additional 17,609 shares in the last quarter. Geode Capital Management LLC raised its position in MRC Global by 1.7% in the third quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company’s stock valued at $24,934,000 after purchasing an additional 32,760 shares during the period. Barclays PLC lifted its stake in shares of MRC Global by 197.7% during the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock worth $1,927,000 after purchasing an additional 100,384 shares in the last quarter. Finally, EP Wealth Advisors LLC acquired a new position in shares of MRC Global during the third quarter worth about $167,000. 94.97% of the stock is owned by institutional investors and hedge funds.

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.