MRC Global Shares Down 15.2% After Earnings Miss (MRC)
MRC Global (NYSE:MRC) shares were down 15.2% during trading on Friday following a dissappointing earnings announcement, Analyst Ratings News reports. The stock traded as low as $24.95 and last traded at $25.06, with a volume of 4,812,453 shares changing hands. The stock had previously closed at $29.56.
The company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by $0.12. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.34 billion.
MRC has been the subject of a number of recent research reports. Analysts at Maxim Group cut their price target on shares of MRC Global from $37.00 to $34.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of MRC Global in a research note on Wednesday, February 5th. They now have a $29.00 price target on the stock. Finally, analysts at Bank of America downgraded shares of MRC Global to an “underperform” rating in a research note on Thursday, January 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. MRC Global currently has an average rating of “Hold” and an average target price of $33.50.
The stock’s 50-day moving average is $29.59 and its 200-day moving average is $28.74. The company has a market cap of $2.545 billion and a P/E ratio of 24.67.
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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