Share Repurchase Plan Declared by MRC Global (NYSE:MRC) Board

MRC Global (NYSE:MRC) announced that its Board of Directors has initiated a share buyback program on Friday, January 3rd, RTT News reports. The company plans to buyback $125.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

MRC Global Trading Up 4.8 %

NYSE MRC opened at $13.30 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. MRC Global has a 1-year low of $9.77 and a 1-year high of $14.91. The firm’s fifty day simple moving average is $13.28 and its 200-day simple moving average is $12.97. The company has a market capitalization of $1.13 billion, a PE ratio of 15.29 and a beta of 1.97.

MRC Global (NYSE:MRC) last released its quarterly earnings data 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 analyst estimates of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. MRC Global’s quarterly revenue was down 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 EPS. As a group, sell-side analysts anticipate that MRC Global will post 0.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.