MRC Global (NYSE:MRC) Shares Gap Up – Here’s What Happened

MRC Global Inc. (NYSE:MRC)’s stock price 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.

Wall Street Analyst Weigh In

MRC has been the topic of several research analyst reports. StockNews.com lowered shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Stifel Nicolaus boosted their price objective on MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Finally, Susquehanna raised their target price on MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a research report on Thursday, November 7th.

MRC Global Price Performance

The stock’s 50-day moving average price is $13.28 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. The firm has a market capitalization of $1.13 billion, a price-to-earnings 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 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company had revenue of $797.00 million during the quarter, compared to the consensus estimate of $794.17 million. MRC Global’s quarterly revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. Equities research analysts expect that MRC Global Inc. will post 0.85 earnings per share for the current fiscal year.

MRC Global announced that its Board of Directors has initiated a stock buyback plan on Friday, January 3rd that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of MRC Global

A number of hedge funds and other institutional investors have recently modified their holdings of MRC. Victory Capital Management Inc. grew its holdings in shares of MRC Global by 7,541.8% in the second quarter. Victory Capital Management Inc. now owns 1,342,896 shares of the oil and gas company’s stock valued at $17,337,000 after purchasing an additional 1,325,323 shares during the period. American Century Companies Inc. boosted its holdings in MRC Global by 167.3% in the 2nd quarter. American Century Companies Inc. now owns 1,205,172 shares of the oil and gas company’s stock valued at $15,559,000 after purchasing an additional 754,376 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of MRC Global by 456.3% in the 2nd quarter. Acadian Asset Management LLC now owns 427,298 shares of the oil and gas company’s stock valued at $5,513,000 after buying an additional 350,492 shares during the period. Foundry Partners LLC acquired a new stake in shares of MRC Global during the 2nd quarter worth approximately $4,418,000. Finally, Empowered Funds LLC purchased a new stake in shares of MRC Global during the 3rd quarter valued at approximately $3,607,000. 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.