MRC Global Receives Neutral Rating from Zacks (MRC)
MRC Global (NYSE:MRC)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Wednesday, Stock Ratings Network reports. They currently have a $29.00 price objective on the stock. Zacks‘ target price points to a potential upside of 5.03% from the stock’s previous close.
Zacks‘ analyst wrote, “MRC Global has been successfully increasing its market share through various contract wins. The company won contracts from Williams Companies, BP and Chevron Phillips Chemical during the fourth quarter of 2013. Additionally, the inorganic growth of the company is boosting overall growth. Acquisitions accounted for a significant portion of the company’s revenues in the third quarter of 2013. Management intends to pursue more acquisitions in 2014, to strengthen its presence in the international arena. MRC Global anticipates an improvement in the general market environment, which is expected to boost earnings and revenues in the coming quarters. However, MRC Global’s over-dependence on a handful of customers, impacts the company negatively. Moreover, adverse foreign currency transactions impacts can lower earnings. The company’s history of zero dividends is also being viewed as a downside. Based on these factors, we maintain our Neutral recommendation on the stock.”
A number of other analysts have also recently weighed in on MRC. Analysts at Bank of America Corp. downgraded shares of MRC Global to an “underperform” rating in a research note to investors on Thursday, January 16th. Finally, analysts at Barclays raised their price target on shares of MRC Global from $37.00 to $39.00 in a research note to investors on Tuesday, December 17th. They now have an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $33.50.
Shares of MRC Global (NYSE:MRC) traded up 0.22% during mid-day trading on Wednesday, hitting $27.67. 510,863 shares of the company’s stock traded hands. MRC Global has a 52-week low of $23.15 and a 52-week high of $34.14. The stock has a 50-day moving average of $30.62 and a 200-day moving average of $28.62. The company has a market cap of $2.816 billion and a P/E ratio of 23.05.
MRC Global Inc, formerly known as McJunkin Red Man Holding Corporation is a holding company. The Company is the distributor of pipe, valves and fittings (NYSE:MRC) and related products and services to the energy industry.
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