MRC Global (NYSE:MRC) Reaches New 12-Month High After Analyst Upgrade

MRC Global Inc. (NYSE:MRC) shares reached a new 52-week high during trading on Monday after Susquehanna raised their price target on the stock from $13.00 to $15.00. Susquehanna currently has a positive rating on the stock. MRC Global traded as high as $12.89 and last traded at $12.81, with a volume of 42114 shares. The stock had previously closed at $12.56.

Separately, Stephens restated an “overweight” rating and set a $17.00 price objective on shares of MRC Global in a research report on Wednesday, February 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $15.25.

Hedge Funds Weigh In On MRC Global

A number of institutional investors have recently modified their holdings of MRC. American Century Companies Inc. boosted its holdings in MRC Global by 24.9% in the third quarter. American Century Companies Inc. now owns 1,989,178 shares of the oil and gas company’s stock valued at $20,389,000 after purchasing an additional 397,145 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of MRC Global by 303.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,740 shares of the oil and gas company’s stock worth $1,176,000 after buying an additional 86,333 shares during the period. Wellington Management Group LLP boosted its stake in shares of MRC Global by 22.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,010,991 shares of the oil and gas company’s stock valued at $30,863,000 after buying an additional 561,706 shares during the period. Luminus Management LLC acquired a new stake in shares of MRC Global during the 3rd quarter valued at about $42,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of MRC Global by 9.2% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,246,651 shares of the oil and gas company’s stock worth $12,778,000 after buying an additional 104,959 shares during the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Stock Up 2.2 %

The stock has a market cap of $1.08 billion, a P/E ratio of 12.08 and a beta of 1.99. The company has a quick ratio of 0.76, a current ratio of 1.48 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $11.80 and a 200-day simple moving average of $10.92.

MRC Global (NYSE:MRC) last announced its quarterly earnings results on Tuesday, February 13th. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.12. MRC Global had a net margin of 3.34% and a return on equity of 26.92%. The firm had revenue of $768.00 million for the quarter, compared to analyst estimates of $810.52 million. During the same quarter in the previous year, the firm posted $0.32 EPS. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. Analysts expect that MRC Global Inc. will post 0.97 EPS for the current year.

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.