MRC Global (NYSE:MRC) Shares Down 8.9%

MRC Global Inc. (NYSE:MRCGet Rating)’s share price dropped 8.9% during mid-day trading on Friday . The company traded as low as $7.41 and last traded at $7.41. Approximately 3,807 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 522,227 shares. The stock had previously closed at $8.13.

Wall Street Analyst Weigh In

MRC has been the topic of a number of research reports. Stifel Nicolaus lifted their target price on shares of MRC Global from $14.00 to $16.00 in a research note on Friday, July 8th. StockNews.com cut shares of MRC Global from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Finally, Benchmark assumed coverage on shares of MRC Global in a report on Thursday, July 7th. They issued a “buy” rating and a $14.00 target price for the company. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, MRC Global presently has an average rating of “Moderate Buy” and a consensus target price of $13.50.

MRC Global Price Performance

The firm’s 50-day moving average is $10.15 and its 200-day moving average is $10.75. The company has a debt-to-equity ratio of 1.02, a current ratio of 2.01 and a quick ratio of 0.99. The company has a market capitalization of $595.21 million, a P/E ratio of -61.58 and a beta of 2.01.

MRC Global (NYSE:MRCGet Rating) last posted its quarterly earnings results on Monday, August 8th. The oil and gas company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The business had revenue of $848.00 million during the quarter, compared to analyst estimates of $823.48 million. MRC Global had a net margin of 0.51% and a return on equity of 21.49%. The company’s revenue was up 23.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 earnings per share. Analysts predict that MRC Global Inc. will post 0.82 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Malcolm O’neal sold 3,125 shares of the company’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $9.61, for a total transaction of $30,031.25. Following the sale, the senior vice president now owns 41,605 shares of the company’s stock, valued at $399,824.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 22.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its position in MRC Global by 5.0% during the 2nd quarter. Federated Hermes Inc. now owns 816,399 shares of the oil and gas company’s stock worth $8,131,000 after buying an additional 38,916 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of MRC Global by 17.5% during the 2nd quarter. Legal & General Group Plc now owns 37,300 shares of the oil and gas company’s stock valued at $372,000 after purchasing an additional 5,563 shares in the last quarter. AQR Capital Management LLC grew its stake in MRC Global by 29.4% in the 2nd quarter. AQR Capital Management LLC now owns 231,937 shares of the oil and gas company’s stock valued at $2,310,000 after acquiring an additional 52,691 shares during the period. UBS Asset Management Americas Inc. grew its stake in MRC Global by 4.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 141,684 shares of the oil and gas company’s stock valued at $1,411,000 after acquiring an additional 5,602 shares during the period. Finally, Intrinsic Edge Capital Management LLC acquired a new stake in MRC Global during the 2nd quarter worth $4,278,000. 96.85% of the stock is currently owned by institutional investors.

MRC Global Company Profile

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MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services to the energy, industrial, and gas utility end-markets in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; and other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components, as well as valve modification services; and measurement, steam, and instrumentation products.

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