MRC Global (NYSE:MRC) Shares Gap Up - Still a Buy?

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

Analysts Set New Price Targets

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

MRC Global Stock Performance

The stock's 50 day simple moving average is $13.28 and its two-hundred day simple moving average is $12.97. The company has a market cap of $1.13 billion, a PE ratio of 15.29 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 - Get Free Report) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The business had revenue of $797.00 million for the quarter, compared to analyst estimates of $794.17 million. During the same period last year, the company posted $0.32 EPS. The business's quarterly revenue was down 10.2% on a year-over-year basis. As a group, research analysts anticipate that MRC Global Inc. will post 0.85 earnings per share for the current year.

MRC Global announced that its board has initiated a stock repurchase program on Friday, January 3rd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the oil and gas company to purchase up to 11% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On MRC Global

Several hedge funds and other institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new position in shares of MRC Global during the second quarter worth about $56,000. Canada Pension Plan Investment Board acquired a new position in MRC Global during the 2nd quarter worth approximately $56,000. nVerses Capital LLC purchased a new position in MRC Global in the 2nd quarter worth approximately $70,000. Quarry LP grew its position in MRC Global by 162.8% in the second quarter. Quarry LP now owns 7,333 shares of the oil and gas company's stock valued at $95,000 after acquiring an additional 4,543 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in shares of MRC Global during the second quarter valued at approximately $145,000. 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.