MRC Global (NYSE:MRC) to Repurchase $125.00 million in Outstanding Shares

MRC Global (NYSE:MRC) declared that its board has initiated a share buyback plan on Friday, January 3rd, RTT News reports. The company plans to repurchase $125.00 million in shares. This repurchase authorization allows the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

MRC Global Stock Performance

Shares of NYSE:MRC opened at $13.30 on Monday. 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 1-year low of $9.77 and a 1-year high of $14.91. The stock has a market capitalization of $1.13 billion, a P/E ratio of 15.29 and a beta of 1.97. The business has a 50-day moving average price of $13.28 and a two-hundred day moving average price of $12.98.

MRC Global (NYSE:MRC) last announced its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business had revenue of $797.00 million for the quarter, compared to analyst estimates of $794.17 million. During the same period in the prior year, the business posted $0.32 earnings per share. MRC Global’s revenue was down 10.2% compared to the same quarter last year. Equities analysts predict that MRC Global will post 0.85 earnings per share for the current year.

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.