Loop Capital Lowers MRC Global (NYSE:MRC) Price Target to $17.00

MRC Global (NYSE:MRC) had its price objective dropped by investment analysts at Loop Capital from $18.00 to $17.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. Loop Capital’s target price indicates a potential upside of 43.10% from the stock’s current price.

Several other research analysts have also commented on MRC. Susquehanna cut their price objective on MRC Global from $17.00 to $15.00 and set a “positive” rating for the company in a report on Monday. StockNews.com downgraded MRC Global from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Stifel Nicolaus dropped their target price on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Monday.

MRC Global Stock Performance

Shares of NYSE MRC traded up $0.10 during mid-day trading on Tuesday, reaching $11.88. 72,384 shares of the company’s stock were exchanged, compared to its average volume of 566,684. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of 13.66 and a beta of 1.96. MRC Global has a 52 week low of $9.42 and a 52 week high of $15.41. 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 firm has a 50-day moving average price of $13.14 and a two-hundred day moving average price of $13.00.

MRC Global (NYSE:MRC) last announced its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. The business had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.23 EPS. Analysts predict that MRC Global will post 0.86 EPS for the current year.

MRC Global announced that its Board of Directors has authorized a stock buyback plan on Friday, January 3rd that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 11% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Institutional Trading of MRC Global

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in MRC Global by 20.6% in 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 valued at $3,408,000 after purchasing an additional 45,497 shares during the last quarter. Sourcerock Group LLC lifted its position in MRC Global by 1.6% in 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 purchasing an additional 7,786 shares during the last quarter. Squarepoint Ops LLC lifted its position in MRC Global by 96.8% in the fourth quarter. Squarepoint Ops LLC now owns 22,418 shares of the oil and gas company’s stock valued at $287,000 after purchasing an additional 11,025 shares during the last quarter. State of Wyoming raised its holdings in shares of MRC Global by 24.2% during the fourth quarter. State of Wyoming now owns 28,894 shares of the oil and gas company’s stock valued at $369,000 after acquiring an additional 5,623 shares in the last quarter. Finally, Shay Capital LLC bought a new position in shares of MRC Global during the fourth quarter valued at approximately $270,000. Institutional investors 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.