MRC Global (NYSE:MRC) Shares Gap Up – Here’s Why

Shares of MRC Global Inc. (NYSE:MRC) gapped up before the market opened on Friday . The stock had previously closed at $12.69, but opened at $13.45. MRC Global shares last traded at $13.25, with a volume of 61,537 shares traded.

Analysts Set New Price Targets

MRC has been the subject of a number of research analyst reports. StockNews.com lowered shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th. Susquehanna increased their price target 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, 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.

MRC Global Price Performance

The firm has a market capitalization of $1.15 billion, a P/E ratio of 15.53 and a beta of 1.97. The business’s fifty day moving average is $13.26 and its 200 day moving average is $12.97. 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 posted its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. The company 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 was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. As a group, analysts forecast that MRC Global Inc. will post 0.85 EPS for the current year.

Institutional Trading of MRC Global

Institutional investors and hedge funds have recently bought and sold shares of the stock. Pzena Investment Management LLC lifted its holdings in shares of MRC Global by 0.4% in the third quarter. Pzena Investment Management LLC now owns 5,770,791 shares of the oil and gas company’s stock valued at $73,520,000 after purchasing an additional 20,407 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in MRC Global by 2.7% in the 2nd 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 in the last quarter. Wellington Management Group LLP grew its stake in MRC Global by 1.8% during the 3rd quarter. Wellington Management Group LLP now owns 3,209,251 shares of the oil and gas company’s stock valued at $40,886,000 after acquiring an additional 55,553 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of MRC Global by 1.7% in the 3rd 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. Finally, State Street Corp lifted its position in shares of MRC Global by 1.2% in the third quarter. State Street Corp now owns 1,923,272 shares of the oil and gas company’s stock worth $24,502,000 after purchasing an additional 23,125 shares in the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.

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.