MRC Global (NYSE:MRC) Given New $16.00 Price Target at Stifel Nicolaus

MRC Global (NYSE:MRC) had its price objective dropped by research analysts at Stifel Nicolaus from $17.00 to $16.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 39.69% from the stock’s previous close.

MRC Global Stock Up 3.1 %

MRC opened at $11.45 on Monday. The firm has a 50-day simple moving average of $13.16 and a two-hundred day simple moving average of $13.01. MRC Global has a 52 week low of $9.42 and a 52 week high of $15.41. The company has a market capitalization of $976.37 million, a PE ratio of 13.17 and a beta of 1.96. 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 (NYSE:MRC) last announced its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The firm had revenue of $736.80 million during the quarter, compared to the consensus estimate of $726.90 million. During the same quarter last year, the firm earned $0.23 EPS. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. Analysts forecast that MRC Global will post 0.86 earnings per share for the current fiscal year.

MRC Global announced that its Board of Directors has initiated a stock buyback 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 reacquire up to 11% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of MRC Global

Several institutional investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of MRC Global by 20.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 266,690 shares of the oil and gas company’s stock worth $3,408,000 after acquiring an additional 45,497 shares during the period. Sourcerock Group LLC increased its holdings in MRC Global by 1.6% during the fourth quarter. Sourcerock Group LLC now owns 501,890 shares of the oil and gas company’s stock valued at $6,414,000 after buying an additional 7,786 shares during the period. Squarepoint Ops LLC increased its holdings in MRC Global by 96.8% during the fourth quarter. Squarepoint Ops LLC now owns 22,418 shares of the oil and gas company’s stock valued at $287,000 after buying an additional 11,025 shares during the period. State of Wyoming grew its holdings in MRC Global by 24.2% in the fourth quarter. State of Wyoming now owns 28,894 shares of the oil and gas company’s stock worth $369,000 after purchasing an additional 5,623 shares during the last quarter. Finally, Shay Capital LLC purchased a new position in MRC Global in the fourth quarter worth $270,000. Institutional investors own 94.97% of the company’s stock.

About MRC Global

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.