MRC Global Inc. (MRC) Upgraded to Hold at Zacks Investment Research
MRC Global Inc. (NYSE:MRC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday.
According to Zacks, “Over the last three months, MRC Global’s shares have outperformed the industry. The company perceives that stronger upstream and midstream businesses would boost its top-line performance in the upcoming quarters. Moreover, ongoing business contracts are also likely drive top and bottom-line growth in the quarters ahead. However, MRC Global’s shares have underperformed the industry in the last three months. Further, slump in oil prices would continue to depress the company’s downstream businesses in the upcoming quarters. Other headwinds such as foreign currency translation impact or stiff industry rivalry remain major causes of concern as well. Also, over the last 60 days, Zacks Consensus Estimate for the stock has moved south for both 2017 and 2018.”
MRC has been the subject of several other reports. Stifel Nicolaus restated a “buy” rating and set a $19.00 price target on shares of MRC Global in a research report on Sunday, September 3rd. J P Morgan Chase & Co lowered their price target on MRC Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, September 12th. Robert W. Baird restated a “hold” rating and set a $21.00 price target on shares of MRC Global in a research report on Monday, October 9th. Cowen and Company set a $24.00 price target on MRC Global and gave the stock a “buy” rating in a research report on Friday, October 6th. Finally, Wells Fargo & Company restated 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $21.22.
Shares of MRC Global (NYSE:MRC) traded up 0.18% during midday trading on Thursday, reaching $16.92. The company’s stock had a trading volume of 74,758 shares. MRC Global has a one year low of $13.68 and a one year high of $22.52. The stock’s 50-day moving average is $17.46 and its 200-day moving average is $17.37. The company’s market capitalization is $1.60 billion.
MRC Global (NYSE:MRC) last released its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The firm had revenue of $922.00 million for the quarter, compared to analysts’ expectations of $916.82 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The company’s quarterly revenue was up 23.6% on a year-over-year basis. On average, equities analysts expect that MRC Global will post $0.12 earnings per share for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the business. Suntrust Banks Inc. raised its stake in MRC Global by 0.6% in the first quarter. Suntrust Banks Inc. now owns 18,092 shares of the oil and gas company’s stock valued at $331,000 after buying an additional 111 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of MRC Global by 3.9% during the first quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock worth $156,000 after purchasing an additional 321 shares in the last quarter. Synovus Financial Corp increased its position in shares of MRC Global by 1.7% during the second quarter. Synovus Financial Corp now owns 28,554 shares of the oil and gas company’s stock worth $404,000 after purchasing an additional 479 shares in the last quarter. Aperio Group LLC increased its position in shares of MRC Global by 3.0% during the second quarter. Aperio Group LLC now owns 24,078 shares of the oil and gas company’s stock worth $398,000 after purchasing an additional 698 shares in the last quarter. Finally, Broadview Advisors LLC increased its position in shares of MRC Global by 0.8% during the second quarter. Broadview Advisors LLC now owns 100,550 shares of the oil and gas company’s stock worth $1,661,000 after purchasing an additional 800 shares in the last quarter. Institutional investors own 96.28% 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.
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