$976.85 Million in Sales Expected for MRC Global Inc. (MRC) This Quarter
Wall Street brokerages predict that MRC Global Inc. (NYSE:MRC) will announce sales of $976.85 million for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for MRC Global’s earnings. The lowest sales estimate is $968.44 million and the highest is $989.00 million. MRC Global reported sales of $793.00 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 23.2%. The company is scheduled to announce its next quarterly earnings report after the market closes on Thursday, November 2nd.
According to Zacks, analysts expect that MRC Global will report full-year sales of $976.85 million for the current fiscal year, with estimates ranging from $3.64 billion to $3.74 billion. For the next financial year, analysts expect that the company will post sales of $4.16 billion per share, with estimates ranging from $4.07 billion to $4.24 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover MRC Global.
MRC Global (NYSE:MRC) last issued its earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.01). The business had revenue of $922.00 million during the quarter, compared to the consensus estimate of $916.82 million. MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.15) earnings per share.
MRC has been the subject of several analyst reports. Seaport Global Securities cut MRC Global from a “buy” rating to a “neutral” rating and dropped their target price for the company from $25.00 to $17.00 in a report on Wednesday, June 21st. BidaskClub upgraded MRC Global from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. KeyCorp reiterated a “sector weight” rating on shares of MRC Global in a report on Friday, May 26th. Wells Fargo & Company reiterated a “market perform” rating and issued a $17.00 price objective (down previously from $20.00) on shares of MRC Global in a report on Wednesday, July 12th. Finally, Stifel Nicolaus reiterated a “buy” rating on shares of MRC Global in a report on Friday, July 7th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $21.30.
Shares of MRC Global (NYSE MRC) opened at 17.29 on Friday. The company’s market capitalization is $1.63 billion. MRC Global has a one year low of $13.68 and a one year high of $22.52. The firm has a 50-day moving average price of $16.10 and a 200-day moving average price of $17.59.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. bought a new position in shares of MRC Global in the 1st quarter worth approximately $148,000. Envestnet Asset Management Inc. raised its position in shares of MRC Global by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock worth $156,000 after acquiring an additional 321 shares in the last quarter. Redwood Investments LLC raised its position in shares of MRC Global by 20.2% in the 1st quarter. Redwood Investments LLC now owns 9,237 shares of the oil and gas company’s stock worth $169,000 after acquiring an additional 1,554 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in shares of MRC Global in the 1st quarter worth approximately $202,000. Finally, Laurion Capital Management LP bought a new position in shares of MRC Global in the 1st quarter worth approximately $227,000. Institutional investors and hedge funds own 97.09% of the company’s stock.
MRC Global Company Profile
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.
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