ValuEngine lowered shares of MRC Global Inc. (NYSE:MRC) from a hold rating to a sell rating in a research report released on Thursday morning.
A number of other research analysts also recently commented on the company. Cowen and Company set a $24.00 price objective on MRC Global and gave the company a buy rating in a report on Friday, October 6th. Stifel Nicolaus reiterated a buy rating and issued a $19.00 price objective on shares of MRC Global in a report on Sunday, September 3rd. Zacks Investment Research upgraded MRC Global from a sell rating to a hold rating in a report on Thursday, October 26th. Wells Fargo & Company reiterated a market perform rating and issued a $17.00 price objective (down previously from $20.00) on shares of MRC Global in a report on Wednesday, July 12th. Finally, Robert W. Baird restated a hold rating and set a $21.00 price target on shares of MRC Global in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. MRC Global has a consensus rating of Hold and a consensus target price of $20.67.
MRC Global (NYSE:MRC) traded down $0.08 on Thursday, hitting $15.77. The stock had a trading volume of 1,097,700 shares, compared to its average volume of 710,384. MRC Global has a fifty-two week low of $14.78 and a fifty-two week high of $22.52. The company has a current ratio of 2.31, a quick ratio of 1.19 and a debt-to-equity ratio of 0.57.
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MRC Global declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 2nd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of MRC Global by 12.5% in the 1st quarter. Vanguard Group Inc. now owns 8,073,947 shares of the oil and gas company’s stock valued at $147,994,000 after purchasing an additional 894,581 shares during the last quarter. BlackRock Inc. grew its stake in shares of MRC Global by 8.9% in the 2nd quarter. BlackRock Inc. now owns 7,758,258 shares of the oil and gas company’s stock valued at $128,164,000 after purchasing an additional 632,231 shares during the last quarter. FMR LLC grew its stake in shares of MRC Global by 1.8% in the 2nd quarter. FMR LLC now owns 6,270,253 shares of the oil and gas company’s stock valued at $103,585,000 after purchasing an additional 108,278 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of MRC Global by 0.5% in the 3rd quarter. Fuller & Thaler Asset Management Inc. now owns 3,781,986 shares of the oil and gas company’s stock valued at $66,147,000 after buying an additional 17,140 shares during the period. Finally, Citadel Advisors LLC lifted its holdings in shares of MRC Global by 60.9% in the 3rd quarter. Citadel Advisors LLC now owns 3,078,500 shares of the oil and gas company’s stock valued at $53,844,000 after buying an additional 1,164,950 shares during the period. Institutional investors own 96.45% of the company’s stock.
About MRC Global
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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