MRC Global Inc (NYSE:MRC) – Stock analysts at Seaport Global Securities lifted their Q1 2018 earnings per share estimates for MRC Global in a research note issued to investors on Wednesday. Seaport Global Securities analyst W. Liptak now expects that the oil and gas company will earn $0.06 per share for the quarter, up from their prior forecast of $0.05. Seaport Global Securities also issued estimates for MRC Global’s Q2 2018 earnings at $0.18 EPS, Q3 2018 earnings at $0.25 EPS, Q4 2018 earnings at $0.14 EPS, FY2018 earnings at $0.63 EPS and Q1 2019 earnings at $0.08 EPS.
Several other analysts have also issued reports on MRC. Zacks Investment Research raised MRC Global from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Cowen dropped their price objective on MRC Global from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, November 6th. ValuEngine lowered MRC Global from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Stifel Nicolaus reissued a “buy” rating and set a $18.00 price objective on shares of MRC Global in a research note on Thursday, December 14th. Finally, Susquehanna Bancshares set a $21.00 price objective on MRC Global and gave the company a “buy” rating in a research note on Friday, January 12th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $20.56.
MRC Global (NYSE:MRC) last issued its earnings results on Thursday, February 15th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.06). The firm had revenue of $903.00 million during the quarter, compared to analysts’ expectations of $907.63 million. MRC Global had a return on equity of 3.54% and a net margin of 1.37%. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.18) EPS.
MRC Global declared that its Board of Directors has approved a share repurchase 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 buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Andrew R. Lane sold 180,621 shares of the stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $19.00, for a total transaction of $3,431,799.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Andrew R. Lane sold 293,154 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $19.00, for a total value of $5,569,926.00. The disclosure for this sale can be found here. Corporate insiders own 6.30% of the company’s stock.
Several institutional investors have recently made changes to their positions in MRC. Public Employees Retirement Association of Colorado bought a new position in shares of MRC Global during the fourth quarter valued at approximately $120,000. MHI Funds LLC bought a new position in shares of MRC Global during the fourth quarter valued at approximately $171,000. Xact Kapitalforvaltning AB bought a new position in shares of MRC Global during the fourth quarter valued at approximately $183,000. Knightsbridge Asset Management LLC bought a new position in shares of MRC Global during the fourth quarter valued at approximately $195,000. Finally, Koch Industries Inc. bought a new position in shares of MRC Global during the fourth quarter valued at approximately $217,000. Institutional investors own 93.70% of the company’s stock.
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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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