MRC Global (NYSE:MRC) Downgraded by StockNews.com to “Hold”

MRC Global (NYSE:MRC) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

A number of other equities analysts have also issued reports on the company. Stifel Nicolaus cut their target price on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Susquehanna reduced their price objective on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research note on Monday.

MRC Global Trading Up 1.9 %

Shares of MRC Global stock traded up $0.22 during trading hours on Monday, hitting $11.72. The company’s stock had a trading volume of 1,219,280 shares, compared to its average volume of 568,600. 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 capitalization of $998.62 million, a PE ratio of 13.47 and a beta of 1.96. The business has a fifty day moving average of $13.14 and a 200 day moving average of $13.00. MRC Global has a 1-year low of $9.42 and a 1-year 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The business had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. During the same quarter last year, the firm earned $0.23 earnings per share. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. As a group, equities analysts forecast that MRC Global will post 0.86 EPS for the current year.

MRC Global declared that its board has initiated a share buyback program on Friday, January 3rd that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of MRC Global

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Hsbc Holdings PLC lifted its position in 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 valued at $440,000 after purchasing an additional 1,234 shares during the last quarter. Swiss National Bank boosted its position in MRC Global by 0.9% during the 4th quarter. Swiss National Bank now owns 167,649 shares of the oil and gas company’s stock worth $2,143,000 after acquiring an additional 1,500 shares during the period. MetLife Investment Management LLC grew its stake in shares of MRC Global by 3.8% in the fourth quarter. MetLife Investment Management LLC now owns 51,551 shares of the oil and gas company’s stock worth $659,000 after purchasing an additional 1,886 shares in the last quarter. Federated Hermes Inc. increased its stake in MRC Global by 2.0% during the 4th quarter. Federated Hermes Inc. now owns 104,601 shares of the oil and gas company’s stock valued at $1,337,000 after buying an additional 2,003 shares during the period. Finally, Y Intercept Hong Kong Ltd lifted its position in MRC Global by 7.1% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 33,422 shares of the oil and gas company’s stock worth $427,000 after purchasing an additional 2,219 shares during the period. 94.97% of the stock is currently owned by institutional investors and hedge funds.

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.