Loop Capital Has Lowered Expectations for MRC Global (NYSE:MRC) Stock Price

MRC Global (NYSE:MRC) had its price target decreased by Loop Capital from $18.00 to $17.00 in a research report released on Tuesday,Benzinga reports. Loop Capital currently has a buy rating on the oil and gas company’s stock.

MRC has been the subject of a number of other reports. Susquehanna decreased their price objective on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating for the company in a report on Monday. Stifel Nicolaus lowered their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday. Finally, StockNews.com cut MRC Global from a “buy” rating to a “hold” rating in a research report on Monday.

MRC Global Trading Down 1.3 %

NYSE MRC opened at $12.26 on Tuesday. MRC Global has a 12 month low of $9.42 and a 12 month high of $15.41. 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 stock’s fifty day moving average price is $13.08 and its 200-day moving average price is $12.98. The stock has a market cap of $1.05 billion, a P/E ratio of 14.10 and a beta of 1.96.

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

MRC Global announced that its board has approved a share repurchase program 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 buy up to 11% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On MRC Global

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in MRC Global by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 9,390,014 shares of the oil and gas company’s stock valued at $120,004,000 after acquiring an additional 42,331 shares during the last quarter. Pzena Investment Management LLC grew its stake in shares of MRC Global by 1.0% during the 4th quarter. Pzena Investment Management LLC now owns 5,825,650 shares of the oil and gas company’s stock valued at $74,452,000 after purchasing an additional 54,859 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of MRC Global by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,827,433 shares of the oil and gas company’s stock worth $48,914,000 after purchasing an additional 164,973 shares during the period. Wellington Management Group LLP boosted its holdings in shares of MRC Global by 1.8% in the third quarter. Wellington Management Group LLP now owns 3,209,251 shares of the oil and gas company’s stock worth $40,886,000 after buying an additional 55,553 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of MRC Global by 18.5% in the fourth quarter. American Century Companies Inc. now owns 2,281,646 shares of the oil and gas company’s stock worth $29,159,000 after buying an additional 356,372 shares during the last quarter. 94.97% of the stock is owned by institutional investors.

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.