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

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MRC. Stifel Nicolaus lifted their price target on MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. StockNews.com cut MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Susquehanna boosted their target price on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, November 7th.

MRC Global Price Performance

The firm has a 50-day moving average price of $13.46 and a 200 day moving average price of $13.09. 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 capitalization of $1.28 billion, a P/E ratio of 17.24 and a beta of 1.97.

MRC Global (NYSE:MRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. The business had revenue of $797.00 million during 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 business’s revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.32 EPS. On average, analysts expect that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global declared that its board has authorized a share buyback plan on Friday, January 3rd that authorizes the company to buyback $125.00 million in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRC. Barclays PLC increased its holdings in shares of MRC Global by 197.7% in the 3rd 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. Dimensional Fund Advisors LP grew its holdings in shares of MRC Global by 2.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,689,511 shares of the oil and gas company’s stock worth $47,629,000 after acquiring an additional 97,445 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of MRC Global by 20.4% in the third 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 during the period. Geode Capital Management LLC grew its holdings in shares of 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 worth $24,934,000 after acquiring an additional 32,760 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of MRC Global in the third quarter worth $193,000. 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.