Brokerages expect that MRC Global Inc. (NYSE:MRC) will post sales of $914.24 million for the current quarter, according to Zacks. Seven analysts have issued estimates for MRC Global’s earnings. The highest sales estimate is $953.00 million and the lowest is $862.70 million. MRC Global reported sales of $719.00 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 27.2%. The company is expected to announce its next earnings results on Thursday, February 15th.
On average, analysts expect that MRC Global will report full-year sales of $914.24 million for the current financial year, with estimates ranging from $3.61 billion to $3.72 billion. For the next year, analysts forecast that the business will report sales of $4.11 billion per share, with estimates ranging from $3.94 billion to $4.27 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow MRC Global.
MRC has been the topic of several analyst reports. Zacks Investment Research cut MRC Global from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Stifel Nicolaus restated a “buy” rating and set a $20.00 price target on shares of MRC Global in a report on Tuesday, October 17th. Robert W. Baird restated a “hold” rating and set a $21.00 price target on shares of MRC Global in a report on Monday, October 9th. Cowen and Company set a $24.00 price target on MRC Global and gave the stock a “buy” rating in a report on Friday, October 6th. Finally, J P Morgan Chase & Co cut their price target on MRC Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Tuesday, September 12th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. MRC Global currently has an average rating of “Hold” and a consensus target price of $20.67.
Institutional investors and hedge funds have recently modified their holdings of the company. Redwood Investments LLC increased its stake in shares of MRC Global by 24.0% during the second quarter. Redwood Investments LLC now owns 11,450 shares of the oil and gas company’s stock valued at $189,000 after buying an additional 2,213 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of MRC Global during the first quarter valued at approximately $202,000. Koch Industries Inc. bought a new stake in shares of MRC Global during the second quarter valued at approximately $238,000. BNP Paribas Arbitrage SA boosted its holdings in MRC Global by 328.0% in the second quarter. BNP Paribas Arbitrage SA now owns 16,568 shares of the oil and gas company’s stock worth $274,000 after acquiring an additional 12,697 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in MRC Global in the third quarter worth $276,000. Hedge funds and other institutional investors own 95.48% of the company’s stock.
Shares of MRC Global (NYSE MRC) traded down $0.06 during midday trading on Friday, reaching $15.71. The company’s stock had a trading volume of 772,000 shares, compared to its average volume of 888,224. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.31 and a quick ratio of 1.16. MRC Global has a 12-month low of $14.78 and a 12-month high of $22.52.
MRC Global announced that its Board of Directors has initiated a share buyback plan on Thursday, November 2nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
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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.
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