Stifel Nicolaus Lowers MRC Global (NYSE:MRC) Price Target to $16.00

MRC Global (NYSE:MRC) had its price target cut by Stifel Nicolaus from $17.00 to $16.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

MRC Global Price Performance

Shares of NYSE:MRC opened at $11.72 on Monday. The stock has a market capitalization of $998.62 million, a PE ratio of 13.47 and a beta of 1.96. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $13.14 and a 200-day moving average of $13.00. MRC Global has a 12 month low of $9.42 and a 12 month high of $15.41.

MRC Global (NYSE:MRC) last posted its earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.08. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The firm had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. On average, equities research analysts predict that MRC Global will post 0.86 EPS for the current fiscal year.

MRC Global declared that its board has initiated a share buyback program 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 repurchase up to 11% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On MRC Global

Hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC boosted its holdings in shares of MRC Global by 3.7% in the 4th quarter. Hsbc Holdings PLC now owns 34,562 shares of the oil and gas company’s stock worth $440,000 after buying an additional 1,234 shares during the last quarter. Swiss National Bank boosted its holdings in shares of MRC Global by 0.9% in the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock worth $2,143,000 after buying an additional 1,500 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in shares of MRC Global by 3.8% in the 4th quarter. MetLife Investment Management LLC now owns 51,551 shares of the oil and gas company’s stock worth $659,000 after buying an additional 1,886 shares during the last quarter. Federated Hermes Inc. boosted its holdings in shares of MRC Global by 2.0% in the 4th quarter. Federated Hermes Inc. now owns 104,601 shares of the oil and gas company’s stock worth $1,337,000 after buying an additional 2,003 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd boosted its holdings in shares of MRC Global by 7.1% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock worth $427,000 after buying an additional 2,219 shares during the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

About MRC Global

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.