$976.85 Million in Sales Expected for MRC Global Inc. (MRC) This Quarter
Equities research analysts expect MRC Global Inc. (NYSE:MRC) to announce sales of $976.85 million for the current quarter, Zacks Investment Research reports. Eight analysts have provided estimates for MRC Global’s earnings. The highest sales estimate is $989.00 million and the lowest is $968.44 million. MRC Global reported sales of $793.00 million during the same quarter last year, which would suggest a positive year over year growth rate of 23.2%. The business is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that MRC Global will report full year sales of $976.85 million for the current financial year, with estimates ranging from $3.64 billion to $3.74 billion. For the next fiscal year, analysts forecast that the company will report sales of $4.19 billion per share, with estimates ranging from $4.07 billion to $4.39 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for MRC Global.
MRC Global (NYSE:MRC) last issued its earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.03 by $0.01. The firm had revenue of $922 million during the quarter, compared to analysts’ expectations of $916.82 million. MRC Global had a negative net margin of 1.40% and a positive return on equity of 0.39%. MRC Global’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS.
A number of analysts have recently weighed in on MRC shares. Stifel Nicolaus reiterated a “buy” rating on shares of MRC Global in a research report on Friday, July 7th. BidaskClub upgraded MRC Global from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Wells Fargo & Company reiterated a “market perform” rating and set a $17.00 price target (down from $20.00) on shares of MRC Global in a research report on Wednesday, July 12th. Seaport Global Securities cut MRC Global from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $25.00 to $17.00 in a research report on Wednesday, June 21st. Finally, Cowen and Company increased their price target on MRC Global from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. MRC Global has a consensus rating of “Hold” and an average price target of $21.50.
Shares of MRC Global (NYSE:MRC) opened at 15.88 on Friday. The company has a 50-day moving average price of $16.15 and a 200-day moving average price of $17.98. MRC Global has a 12 month low of $13.50 and a 12 month high of $22.52. The stock’s market cap is $1.50 billion.
A number of hedge funds have recently bought and sold shares of MRC. Ameritas Investment Partners Inc. acquired a new stake in MRC Global during the first quarter valued at approximately $148,000. Envestnet Asset Management Inc. boosted its stake in MRC Global by 3.9% in the first quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock valued at $156,000 after buying an additional 321 shares in the last quarter. Redwood Investments LLC boosted its stake in MRC Global by 20.2% in the first quarter. Redwood Investments LLC now owns 9,237 shares of the oil and gas company’s stock valued at $169,000 after buying an additional 1,554 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in MRC Global during the first quarter valued at approximately $202,000. Finally, Laurion Capital Management LP acquired a new stake in MRC Global during the first quarter valued at approximately $227,000. Hedge funds and other institutional investors own 94.45% of the company’s stock.
About MRC Global
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MRC Global Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MRC Global Inc. and related companies with MarketBeat.com's FREE daily email newsletter.