MRC Global (NYSE:MRC) Shares Gap Down – Here’s Why

MRC Global Inc. (NYSE:MRC)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $12.73, but opened at $12.40. MRC Global shares last traded at $12.42, with a volume of 83,241 shares trading hands.

Analyst Ratings Changes

A number of analysts recently weighed in on MRC shares. StockNews.com lowered shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Friday. Susquehanna reiterated a “positive” rating and set a $16.00 price objective on shares of MRC Global in a research note on Wednesday, June 26th. Finally, Stifel Nicolaus boosted their price objective on shares of MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday.

MRC Global Price Performance

The company has a market cap of $1.08 billion, a PE ratio of 14.72 and a beta of 1.97. The company has a quick ratio of 1.10, a current ratio of 2.08 and a debt-to-equity ratio of 0.29. The firm has a 50 day simple moving average of $12.51 and a 200-day simple moving average of $12.72.

MRC Global (NYSE:MRC) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.07. MRC Global had a return on equity of 22.35% and a net margin of 3.19%. The company had revenue of $832.00 million during the quarter, compared to analysts’ expectations of $831.32 million. During the same period last year, the business posted $0.25 earnings per share. The firm’s revenue was down 4.5% compared to the same quarter last year. As a group, research analysts predict that MRC Global Inc. will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of MRC Global

Several large investors have recently bought and sold shares of the stock. CWM LLC lifted its stake in shares of MRC Global by 308.2% during the second quarter. CWM LLC now owns 2,584 shares of the oil and gas company’s stock worth $33,000 after buying an additional 1,951 shares during the period. Innealta Capital LLC purchased a new position in shares of MRC Global in the second quarter worth about $45,000. Canada Pension Plan Investment Board acquired a new stake in shares of MRC Global during the second quarter worth about $56,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of MRC Global during the second quarter worth about $56,000. Finally, nVerses Capital LLC purchased a new stake in MRC Global in the second quarter valued at approximately $70,000. 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.