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

MRC Global (NYSE:MRC) had its price objective lowered by investment analysts at Loop Capital from $18.00 to $17.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Loop Capital’s price target points to a potential upside of 43.10% from the company’s current price.

Several other brokerages have also recently weighed in on MRC. StockNews.com cut MRC Global from a “buy” rating to a “hold” rating in a research note on Monday. Susquehanna reduced their price target on MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research note on Monday. Finally, Stifel Nicolaus reduced their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday.

MRC Global Trading Up 0.8 %

Shares of MRC Global stock traded up $0.10 during midday trading on Tuesday, reaching $11.88. 72,384 shares of the company’s stock traded hands, compared to its average volume of 566,684. 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 company has a market cap of $1.01 billion, a PE ratio of 13.66 and a beta of 1.96. The stock has a 50 day moving average of $13.14 and a 200-day moving average of $13.00. MRC Global has a 12 month low of $9.42 and a 12 month high of $15.41.

MRC Global (NYSE:MRC) last issued its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company 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 revenue for the quarter was down 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 earnings per share. As a group, equities analysts expect that MRC Global will post 0.86 EPS for the current fiscal year.

MRC Global announced that its board has approved a share repurchase program on Friday, January 3rd that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On MRC Global

A number of institutional investors have recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of 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 worth $3,408,000 after acquiring an additional 45,497 shares during the last quarter. Sourcerock Group LLC grew its stake in shares of 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 worth $6,414,000 after acquiring an additional 7,786 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of 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 worth $287,000 after acquiring an additional 11,025 shares during the last quarter. State of Wyoming grew its stake in shares of MRC Global by 24.2% in the fourth quarter. State of Wyoming now owns 28,894 shares of the oil and gas company’s stock worth $369,000 after acquiring an additional 5,623 shares during the last quarter. Finally, Shay Capital LLC purchased a new stake in shares of MRC Global in the fourth quarter worth $270,000. 94.97% of the stock is owned by hedge funds and other institutional investors.

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.