MRC Global (NYSE:MRC) Price Target Cut to $16.00 by Analysts at Stifel Nicolaus

MRC Global (NYSE:MRC) had its price target cut by Stifel Nicolaus from $17.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

MRC Global Price Performance

NYSE:MRC opened at $12.41 on Monday. MRC Global has a 52 week low of $9.42 and a 52 week high of $15.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The firm’s 50-day simple moving average is $13.10 and its 200 day simple moving average is $12.99. The firm has a market cap of $1.06 billion, a price-to-earnings ratio of 14.26 and a beta of 1.96.

MRC Global (NYSE:MRC) last announced its earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The business’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period last year, the firm earned $0.23 earnings per share. As a group, sell-side analysts predict that MRC Global will post 0.86 earnings per share for the current year.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Huntington National Bank acquired a new stake in MRC Global during the fourth quarter worth about $34,000. Sterling Capital Management LLC boosted its position in shares of MRC Global by 821.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,699 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,406 shares in the last quarter. Meeder Asset Management Inc. bought a new position in MRC Global in the fourth quarter valued at approximately $56,000. Quantinno Capital Management LP acquired a new position in MRC Global during the fourth quarter valued at approximately $129,000. Finally, Longboard Asset Management LP bought a new stake in MRC Global during the fourth quarter worth $134,000. Institutional investors and hedge funds own 94.97% of the company’s stock.

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.