MRC Global (NYSE:MRC) Shares Cross Above 200-Day Moving Average - Here's What Happened

MRC Global Inc. (NYSE:MRC - Get Free Report) shares 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 traded.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Stifel Nicolaus upped their price objective on MRC Global from $14.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, October 15th. StockNews.com downgraded shares of MRC Global from a "strong-buy" rating to a "buy" rating in a report on Saturday, November 9th. Finally, Susquehanna lifted their price objective on shares of MRC Global from $16.00 to $17.00 and gave the stock a "positive" rating in a research note on Thursday, November 7th.

MRC Global Trading Up 2.3 %

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 firm has a market capitalization of $1.21 billion, a P/E ratio of 16.34 and a beta of 1.97. The firm has a 50 day moving average price of $13.40 and a two-hundred day moving average price of $13.03.

MRC Global (NYSE:MRC - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.03. The business had revenue of $797.00 million during the quarter, compared to analyst estimates of $794.17 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. MRC Global's revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. On average, equities research analysts expect that MRC Global Inc. will post 0.86 EPS for the current fiscal year.

MRC Global announced that its board has initiated a share buyback plan on Friday, January 3rd that permits the company to buyback $125.00 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors 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 company. Essex Investment Management Co. LLC raised its stake in MRC Global by 0.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 300,195 shares of the oil and gas company's stock valued at $3,824,000 after purchasing an additional 1,063 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of MRC Global by 4.2% during the second quarter. The Manufacturers Life Insurance Company now owns 32,061 shares of the oil and gas company's stock valued at $414,000 after buying an additional 1,289 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in MRC Global by 20.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company's stock valued at $198,000 after buying an additional 2,639 shares during the period. Canada Pension Plan Investment Board purchased a new stake in MRC Global in the 2nd quarter worth about $56,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in MRC Global during the 2nd quarter worth about $56,000. 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.