Stifel Nicolaus Issues Pessimistic Forecast for MRC Global (NYSE:MRC) Stock Price

MRC Global (NYSE:MRC) had its price objective decreased by equities researchers at Stifel Nicolaus from $17.00 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 32.51% from the stock’s previous close.

MRC Global Trading Up 2.5 %

Shares of MRC Global stock opened at $12.08 on Monday. The stock has a fifty day simple moving average of $13.12 and a 200 day simple moving average of $12.99. MRC Global has a 12-month low of $9.42 and a 12-month high of $15.41. The company has a market capitalization of $1.03 billion, a P/E ratio of 13.88 and a beta of 1.96. The company has a current ratio of 1.99, a quick ratio of 1.11 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 earnings per share (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 during the quarter, compared to the consensus estimate of $726.90 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. MRC Global’s revenue was down 10.3% compared to the same quarter last year. On average, sell-side analysts anticipate 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 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On MRC Global

Several institutional investors have recently bought and sold shares of MRC. Hsbc Holdings PLC grew its stake in MRC Global by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 34,562 shares of the oil and gas company’s stock valued at $440,000 after purchasing an additional 1,234 shares during the period. Swiss National Bank grew its stake in MRC Global by 0.9% in the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock valued at $2,143,000 after purchasing an additional 1,500 shares during the period. MetLife Investment Management LLC grew its stake in MRC Global by 3.8% in the 4th quarter. MetLife Investment Management LLC now owns 51,551 shares of the oil and gas company’s stock valued at $659,000 after purchasing an additional 1,886 shares during the period. Federated Hermes Inc. grew its stake in MRC Global by 2.0% in the 4th quarter. Federated Hermes Inc. now owns 104,601 shares of the oil and gas company’s stock valued at $1,337,000 after purchasing an additional 2,003 shares during the period. Finally, Y Intercept Hong Kong Ltd grew its stake in MRC Global by 7.1% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock valued at $427,000 after purchasing an additional 2,219 shares during the period. 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.