MRC Global (NYSE:MRC) Stock Price Down 6.4% – What’s Next?

MRC Global Inc. (NYSE:MRC) was down 6.4% during mid-day trading on Thursday . The stock traded as low as $13.63 and last traded at $13.59. Approximately 587,516 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 659,595 shares. The stock had previously closed at $14.52.

Analyst Upgrades and Downgrades

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

MRC Global Stock Performance

The company’s 50-day moving average is $13.70 and its two-hundred day moving average is $13.19. 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 company has a market cap of $1.13 billion, a P/E ratio of 15.15 and a beta of 1.97.

MRC Global (NYSE:MRC) last released its earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share 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 firm had revenue of $797.00 million during the quarter, compared to the consensus estimate of $794.17 million. During the same period in the prior year, the firm earned $0.32 EPS. The company’s revenue was down 10.2% compared to the same quarter last year. Equities analysts predict that MRC Global Inc. will post 0.86 EPS 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 Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its holdings in MRC Global by 4.2% during the second quarter. The Manufacturers Life Insurance Company now owns 32,061 shares of the oil and gas company’s stock valued at $414,000 after purchasing an additional 1,289 shares during the last quarter. Essex Investment Management Co. LLC lifted its stake in shares of MRC Global by 0.4% during the 3rd quarter. Essex Investment Management Co. LLC now owns 300,195 shares of the oil and gas company’s stock valued at $3,824,000 after buying an additional 1,063 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of MRC Global by 20.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock valued at $198,000 after buying an additional 2,639 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in MRC Global by 2.0% in the 3rd quarter. Victory Capital Management Inc. now owns 1,369,515 shares of the oil and gas company’s stock worth $17,448,000 after buying an additional 26,619 shares during the period. Finally, MQS Management LLC purchased a new position in MRC Global in the 3rd quarter valued at approximately $154,000. Hedge funds and other institutional investors own 94.97% of the company’s stock.

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.