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

MRC Global (NYSE:MRC) had its price objective trimmed by Loop Capital from $18.00 to $17.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the oil and gas company’s stock.

Several other research firms have also recently issued reports on MRC. Stifel Nicolaus decreased their price objective on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a report on Monday. StockNews.com cut shares of MRC Global from a “buy” rating to a “hold” rating in a report on Monday. Finally, Susquehanna reduced their target price on shares of MRC Global from $17.00 to $15.00 and set a “positive” rating for the company in a report on Monday.

MRC Global Stock Performance

Shares of MRC Global stock opened at $12.08 on Tuesday. The firm has a market cap of $1.03 billion, a PE ratio of 13.88 and a beta of 1.96. The firm’s 50-day simple moving average is $13.12 and its 200-day simple moving average is $12.99. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. MRC Global has a 1 year low of $9.42 and a 1 year high of $15.41.

MRC Global (NYSE:MRC) last announced its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. During the same quarter last year, the business earned $0.23 earnings per share. MRC Global’s revenue was down 10.3% compared to the same quarter last year. Equities analysts forecast that MRC Global will post 0.86 earnings per share for the current fiscal year.

MRC Global announced that its Board of Directors has approved a stock buyback plan 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 reacquire up to 11% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On MRC Global

Several hedge funds have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of MRC Global by 20.6% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 266,690 shares of the oil and gas company’s stock valued at $3,408,000 after purchasing an additional 45,497 shares in the last quarter. Sourcerock Group LLC raised its holdings in shares of MRC Global by 1.6% during the 4th quarter. Sourcerock Group LLC now owns 501,890 shares of the oil and gas company’s stock valued at $6,414,000 after purchasing an additional 7,786 shares in the last quarter. Squarepoint Ops LLC raised its holdings in shares of MRC Global by 96.8% during the 4th quarter. Squarepoint Ops LLC now owns 22,418 shares of the oil and gas company’s stock valued at $287,000 after purchasing an additional 11,025 shares in the last quarter. State of Wyoming raised its holdings in shares of MRC Global by 24.2% during the 4th quarter. State of Wyoming now owns 28,894 shares of the oil and gas company’s stock valued at $369,000 after purchasing an additional 5,623 shares in the last quarter. Finally, Shay Capital LLC bought a new position in shares of MRC Global during the 4th quarter valued at $270,000. 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.