MRC Global (NYSE:MRC) Price Target Lowered to $17.00 at Loop Capital

MRC Global (NYSE:MRC) had its price objective decreased by equities research analysts at Loop Capital from $18.00 to $17.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Loop Capital’s price target would suggest a potential upside of 37.04% from the stock’s previous close.

A number of other brokerages also recently commented on MRC. Stifel Nicolaus decreased their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research report on Monday. Susquehanna decreased their price target on MRC Global from $17.00 to $15.00 and set a “positive” rating for the company in a research report on Monday. Finally, StockNews.com downgraded MRC Global from a “buy” rating to a “hold” rating in a research report on Monday.

MRC Global Stock Performance

Shares of MRC opened at $12.41 on Tuesday. 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 company has a market capitalization of $1.06 billion, a price-to-earnings ratio of 14.26 and a beta of 1.96. The stock has a 50 day moving average of $13.10 and a 200 day moving average of $12.99. MRC Global has a 12 month low of $9.42 and a 12 month high of $15.41.

MRC Global (NYSE:MRC) last issued its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting analysts’ consensus estimates of $0.08. The company had revenue of $736.80 million during the quarter, compared to the consensus estimate of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. MRC Global’s revenue was down 10.3% on a year-over-year basis. During the same period last year, the business posted $0.23 earnings per share. As a group, sell-side analysts forecast that MRC Global will post 0.86 earnings per share for the current year.

MRC Global announced that its board has initiated a share buyback program on Friday, January 3rd that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of MRC Global

A number of large investors have recently bought and sold shares of the company. Huntington National Bank bought a new position in shares of MRC Global in the fourth quarter worth $34,000. Sterling Capital Management LLC increased its holdings in shares of MRC Global by 821.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,406 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of MRC Global in the fourth quarter worth about $56,000. Quantinno Capital Management LP purchased a new position in shares of MRC Global in the fourth quarter worth about $129,000. Finally, Longboard Asset Management LP purchased a new position in MRC Global during the 4th quarter valued at about $134,000. 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.