Stock Buyback Program Declared by MRC Global (NYSE:MRC) Board of Directors

MRC Global (NYSE:MRC) declared that its Board of Directors has authorized a stock buyback program on Friday, January 3rd, RTT News reports. The company plans to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 11% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

MRC Global Stock Performance

NYSE MRC traded up $0.61 during mid-day trading on Friday, reaching $13.30. 684,349 shares of the stock were exchanged, compared to its average volume of 609,524. MRC Global has a 1 year low of $9.77 and a 1 year high of $14.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The company has a market capitalization of $1.13 billion, a P/E ratio of 15.29 and a beta of 1.97. The business’s 50 day moving average is $13.26 and its 200-day moving average is $12.97.

MRC Global (NYSE:MRC) last issued its quarterly 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 for the quarter, compared to analyst estimates of $794.17 million. During the same period last year, the company posted $0.32 EPS. MRC Global’s quarterly revenue was down 10.2% compared to the same quarter last year. On average, equities research analysts forecast that MRC Global will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.