MRC Global (NYSE:MRC) Declares Stock Repurchase Plan

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on MRC shares. Susquehanna boosted their price objective on MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a research report on Thursday, November 7th. StockNews.com cut shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Stifel Nicolaus lifted their target price on shares of MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th.

MRC Global Price Performance

MRC stock opened at $13.30 on Friday. The business’s fifty day moving average price is $13.28 and its 200 day moving average price is $12.98. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15. MRC Global has a 12-month low of $9.77 and a 12-month high of $14.91. The company has a market capitalization of $1.13 billion, a PE ratio of 15.29 and a beta of 1.97.

MRC Global (NYSE:MRC) last issued its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $797.00 million for the quarter, compared to analyst estimates of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.32 EPS. On average, sell-side analysts anticipate that MRC Global will post 0.85 EPS for the current year.

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.