Loop Capital Cuts MRC Global (NYSE:MRC) Price Target to $17.00

MRC Global (NYSE:MRC) had its price objective lowered by Loop Capital from $18.00 to $17.00 in a report published on Tuesday morning,Benzinga reports. Loop Capital currently has a buy rating on the oil and gas company’s stock.

Several other analysts also recently weighed in on the company. StockNews.com downgraded MRC Global from a “buy” rating to a “hold” rating in a research report on Monday. Stifel Nicolaus lowered their price objective on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating for the company in a research note on Monday. Finally, Susquehanna cut their target price on MRC Global from $17.00 to $15.00 and set a “positive” rating on the stock in a research note on Monday.

MRC Global Price Performance

Shares of MRC Global stock opened at $12.26 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. MRC Global has a 52-week low of $9.42 and a 52-week high of $15.41. The company has a fifty day moving average of $13.08 and a 200-day moving average of $12.98. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 14.10 and a beta of 1.96.

MRC Global (NYSE:MRC) last posted its quarterly earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. The business had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company’s revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.23 earnings per share. Equities research analysts expect that MRC Global will post 0.86 EPS for the current year.

MRC Global announced that its Board of Directors has authorized a share repurchase plan 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 reacquire up to 11% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On MRC Global

A number of institutional investors have recently bought and sold shares of MRC. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of MRC Global by 20.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 266,690 shares of the oil and gas company’s stock worth $3,408,000 after acquiring an additional 45,497 shares in the last quarter. Sourcerock Group LLC lifted its position in MRC Global by 1.6% during the fourth quarter. Sourcerock Group LLC now owns 501,890 shares of the oil and gas company’s stock valued at $6,414,000 after buying an additional 7,786 shares during the period. Squarepoint Ops LLC boosted its holdings in shares of MRC Global by 96.8% during the 4th quarter. Squarepoint Ops LLC now owns 22,418 shares of the oil and gas company’s stock valued at $287,000 after buying an additional 11,025 shares in the last quarter. State of Wyoming grew its position in shares of MRC Global by 24.2% in the 4th quarter. State of Wyoming now owns 28,894 shares of the oil and gas company’s stock worth $369,000 after buying an additional 5,623 shares during the period. Finally, Shay Capital LLC bought a new position in shares of MRC Global in the 4th quarter worth about $270,000. 94.97% of the stock is owned by institutional investors.

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.