MRC Global (NYSE:MRC) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

MRC Global Inc. (NYSE:MRC)’s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $13.03 and traded as high as $13.98. MRC Global shares last traded at $13.86, with a volume of 693,087 shares trading hands.

Analyst Ratings Changes

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

MRC Global Trading Up 1.8 %

The business’s 50 day simple moving average is $13.41 and its 200 day simple moving average is $13.04. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 16.60 and a beta of 1.97. 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 issued its 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 business had revenue of $797.00 million during the quarter, compared to the consensus estimate of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. MRC Global’s revenue was down 10.2% on a year-over-year basis. During the same period last year, the business posted $0.32 EPS. On average, research analysts expect that MRC Global Inc. will post 0.86 EPS for the current fiscal year.

MRC Global announced that its board has authorized a share repurchase plan on Friday, January 3rd that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 11% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On MRC Global

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale acquired a new stake in shares of MRC Global during the 2nd quarter worth about $56,000. Canada Pension Plan Investment Board acquired a new stake in MRC Global during the second quarter worth approximately $56,000. Quarry LP lifted its holdings in MRC Global by 162.8% during the 2nd quarter. Quarry LP now owns 7,333 shares of the oil and gas company’s stock worth $95,000 after purchasing an additional 4,543 shares during the last quarter. Deerfield Management Company L.P. Series C bought a new stake in MRC Global in the 2nd quarter valued at $145,000. Finally, MQS Management LLC acquired a new position in MRC Global in the 3rd quarter valued at $154,000. 94.97% of the stock is owned by institutional investors.

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.