KeyCorp Weighs in on MRC Global Inc’s FY2018 Earnings (MRC)

MRC Global Inc (NYSE:MRC) – KeyCorp raised their FY2018 EPS estimates for shares of MRC Global in a note issued to investors on Thursday. KeyCorp analyst S. Barger now forecasts that the oil and gas company will post earnings per share of $0.72 for the year, up from their previous forecast of $0.59.

A number of other brokerages also recently weighed in on MRC. Stifel Nicolaus reissued a “buy” rating and issued a $22.00 price target (up from $18.00) on shares of MRC Global in a report on Tuesday, January 16th. Alembic Global Advisors reissued a “buy” rating on shares of MRC Global in a report on Friday. Susquehanna Bancshares set a $21.00 price target on shares of MRC Global and gave the stock a “buy” rating in a report on Friday, January 12th. Zacks Investment Research downgraded shares of MRC Global from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. Finally, Robert W. Baird reissued a “hold” rating and issued a $21.00 price target on shares of MRC Global in a report on Monday, October 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. MRC Global currently has an average rating of “Hold” and an average target price of $20.67.

MRC Global (MRC) opened at $18.81 on Monday. The company has a quick ratio of 1.16, a current ratio of 2.31 and a debt-to-equity ratio of 0.57. The firm has a market cap of $1,778.18, a PE ratio of -67.18, a P/E/G ratio of 1.98 and a beta of 1.60. MRC Global has a fifty-two week low of $14.01 and a fifty-two week high of $22.26.

MRC Global (NYSE:MRC) last posted its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.05). MRC Global had a positive return on equity of 1.44% and a negative net margin of 0.09%.

A number of institutional investors have recently made changes to their positions in MRC. Citadel Advisors LLC raised its stake in MRC Global by 334.1% in the 2nd quarter. Citadel Advisors LLC now owns 1,913,550 shares of the oil and gas company’s stock valued at $31,612,000 after acquiring an additional 1,472,693 shares during the period. BlackRock Inc. raised its stake in MRC Global by 8.9% in the 2nd quarter. BlackRock Inc. now owns 7,758,258 shares of the oil and gas company’s stock valued at $128,164,000 after acquiring an additional 632,231 shares during the period. Koch Industries Inc. bought a new stake in MRC Global in the 2nd quarter valued at about $238,000. UBS Oconnor LLC raised its stake in MRC Global by 23.6% in the 2nd quarter. UBS Oconnor LLC now owns 1,174,667 shares of the oil and gas company’s stock valued at $19,405,000 after acquiring an additional 224,267 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in MRC Global by 147.6% in the 3rd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 227,008 shares of the oil and gas company’s stock valued at $3,970,000 after acquiring an additional 135,325 shares during the period. Institutional investors and hedge funds own 94.01% of the company’s stock.

In related news, CEO Andrew R. Lane sold 180,621 shares of the business’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $19.00, for a total value of $3,431,799.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Andrew R. Lane sold 293,154 shares of the business’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $19.00, for a total value of $5,569,926.00. The disclosure for this sale can be found here. 6.30% of the stock is currently owned by insiders.

MRC Global announced that its Board of Directors has initiated a share buyback plan on Thursday, November 2nd that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

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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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