Longboard Asset Management LP Makes New Investment in MRC Global Inc. (NYSE:MRC)

Longboard Asset Management LP purchased a new stake in shares of MRC Global Inc. (NYSE:MRC) in the fourth quarter, HoldingsChannel reports. The firm purchased 10,513 shares of the oil and gas company’s stock, valued at approximately $134,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MRC. MQS Management LLC purchased a new position in shares of MRC Global during the 3rd quarter worth approximately $154,000. EP Wealth Advisors LLC purchased a new position in shares of MRC Global during the third quarter worth $167,000. Intech Investment Management LLC acquired a new stake in shares of MRC Global in the third quarter valued at $193,000. Walleye Capital LLC purchased a new stake in shares of MRC Global in the 3rd quarter valued at $196,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in MRC Global by 20.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock worth $198,000 after acquiring an additional 2,639 shares in the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

MRC Global Price Performance

MRC stock opened at $14.48 on Wednesday. MRC Global Inc. has a 1 year low of $10.24 and a 1 year high of $15.41. The firm has a market capitalization of $1.23 billion, a P/E ratio of 16.65 and a beta of 1.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. The business’s 50-day moving average is $13.69 and its two-hundred day moving average is $13.18.

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

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

Wall Street Analyst Weigh In

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

MRC Global 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.