Share Buyback Plan Declared by MRC Global (MRC)
MRC Global (NYSE:MRC) announced that its board has approved a share repurchase program, which authorizes the company to repurchase $100.00 million in shares on Thursday, November 2nd, EventVestor reports. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
MRC has been the subject of a number of research analyst reports. Robert W. Baird reaffirmed a “hold” rating and issued a $21.00 target price on shares of MRC Global in a research report on Sunday, September 10th. Zacks Investment Research downgraded shares of MRC Global from a “hold” rating to a “sell” rating in a research report on Tuesday, October 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 target price on shares of MRC Global in a research report on Tuesday, October 17th. Cowen and Company lifted their target price on shares of MRC Global from $20.00 to $24.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. Finally, J P Morgan Chase & Co cut their target price on shares of MRC Global from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. MRC Global has an average rating of “Hold” and an average price target of $21.22.
Shares of MRC Global (NYSE:MRC) traded down $0.46 during mid-day trading on Friday, hitting $16.58. 1,710,367 shares of the stock were exchanged, compared to its average volume of 499,910. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.19 and a current ratio of 2.35.
MRC Global (NYSE:MRC) last issued its quarterly earnings data on Thursday, August 3rd. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). MRC Global had a negative net margin of 0.09% and a positive return on equity of 1.45%. The company had revenue of $922.00 million for the quarter, compared to the consensus estimate of $916.82 million. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. MRC Global’s revenue for the quarter was up 23.6% compared to the same quarter last year. sell-side analysts forecast that MRC Global will post 0.15 earnings per share for the current year.
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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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