Zacks Investment Research upgraded shares of MRC Global (NYSE:MRC) from a hold rating to a strong-buy rating in a research note published on Tuesday, Zacks.com reports. They currently have $8.75 price objective on the oil and gas company’s stock.
According to Zacks, “MRC Global stands to benefit from its diversified business and shareholder-friendly policies. The company’s business in the gas utility sector has been witnessing strength, supported by increasing customer activity. It is poised to become more competent on lucrative contract wins and projects. Expanding market share and working capital efficiency is a priority for the company. It remains focused on generating healthy cash flow and lowering operating costs. The reduction of debts remains a priority for the company. Its shares have outperformed the industry in the past month. However, it has been dealing with high costs and expenses, which might affect its margins and profitability in the quarters ahead. Foreign exchange woes might hurt its performance. In the past 60 days, the company’s bottom-line estimates have increased for 2021.”
A number of other research analysts have also weighed in on the stock. Susquehanna Bancshares boosted their target price on shares of MRC Global from $11.00 to $12.00 and gave the stock a positive rating in a research report on Wednesday, November 10th. Susquehanna boosted their target price on shares of MRC Global from $11.00 to $12.00 and gave the stock a positive rating in a research report on Wednesday, November 10th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Buy and an average price target of $9.94.
MRC Global (NYSE:MRC) last released its earnings results on Monday, November 8th. The oil and gas company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.02. The firm had revenue of $685.00 million during the quarter, compared to analyst estimates of $703.85 million. MRC Global had a negative net margin of 0.82% and a positive return on equity of 4.66%. The business’s revenue was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) EPS. As a group, analysts forecast that MRC Global will post 0.2 EPS for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Atom Investors LP acquired a new position in shares of MRC Global during the second quarter valued at about $648,000. Massachusetts Financial Services Co. MA increased its stake in MRC Global by 22.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 376,877 shares of the oil and gas company’s stock valued at $3,543,000 after acquiring an additional 69,749 shares during the period. Virtu Financial LLC bought a new stake in MRC Global in the second quarter valued at about $115,000. Bridgeway Capital Management LLC increased its stake in MRC Global by 52.3% in the second quarter. Bridgeway Capital Management LLC now owns 439,900 shares of the oil and gas company’s stock valued at $4,135,000 after acquiring an additional 151,000 shares during the period. Finally, Wintrust Investments LLC increased its stake in MRC Global by 169.2% in the second quarter. Wintrust Investments LLC now owns 157,998 shares of the oil and gas company’s stock valued at $1,485,000 after acquiring an additional 99,298 shares during the period. 85.70% of the stock is owned by institutional investors and hedge funds.
About MRC Global
MRC Global, Inc is a holding company, which engages in the distribution of pipes, valves, fittings, and other infrastructure products and services to the energy industry. Its products include Carbon Steel Pipe, Carbon Steel Fittings & Flanges, Valves, Valve Automation, Stainless & Alloy Pipe, Mill Supplies & Safety and ValveWatch.
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