Stifel Nicolaus Issues Pessimistic Forecast for MRC Global (NYSE:MRC) Stock Price

MRC Global (NYSE:MRC - Get Free Report) had its price target dropped by analysts at Stifel Nicolaus from $17.00 to $16.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas company's stock. Stifel Nicolaus' price objective suggests a potential upside of 33.95% from the company's previous close.

MRC Global Stock Down 2.8 %

Shares of MRC traded down $0.35 during midday trading on Monday, hitting $11.95. The company had a trading volume of 2,233,179 shares, compared to its average volume of 580,220. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of 13.73 and a beta of 1.96. The company's 50 day moving average price is $13.08 and its 200 day moving average price is $12.98. 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 has a 52 week low of $9.42 and a 52 week high of $15.41.

MRC Global (NYSE:MRC - Get Free Report) last announced its quarterly earnings data on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The firm had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. During the same period in the previous year, the company earned $0.23 earnings per share. MRC Global's quarterly revenue was down 10.3% on a year-over-year basis. On average, equities research analysts predict that MRC Global will post 0.86 EPS for the current year.

Remove Ads

MRC Global announced that its Board of Directors has authorized a share buyback program on Friday, January 3rd that allows the company to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MRC. Proficio Capital Partners LLC bought a new position in MRC Global in the fourth quarter worth about $233,000. Shaker Investments LLC OH bought a new stake in shares of MRC Global in the 4th quarter worth approximately $511,000. Barclays PLC lifted its holdings in shares of MRC Global by 197.7% in the 3rd quarter. Barclays PLC now owns 151,169 shares of the oil and gas company's stock worth $1,927,000 after purchasing an additional 100,384 shares during the last quarter. JPMorgan Chase & Co. boosted its position in MRC Global by 12.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 156,332 shares of the oil and gas company's stock valued at $1,992,000 after purchasing an additional 17,609 shares during the period. Finally, Geode Capital Management LLC grew its stake in MRC Global by 1.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company's stock worth $24,934,000 after buying an additional 32,760 shares during the last quarter. 94.97% of the stock is owned by institutional investors and hedge funds.

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.