Cowen Downgrades MRC Global (NYSE:MRC) to Market Perform

MRC Global (NYSE:MRC) was downgraded by research analysts at Cowen from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

A number of other equities research analysts also recently weighed in on MRC. Scotiabank downgraded shares of MRC Global from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $17.00 to $11.00 in a research report on Friday, September 6th. Raymond James set a $16.00 price objective on shares of MRC Global and gave the company a “buy” rating in a research report on Friday, September 6th. TheStreet raised shares of MRC Global from a “c” rating to a “b-” rating in a research report on Friday, August 2nd. Finally, ValuEngine downgraded shares of MRC Global from a “hold” rating to a “sell” rating in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $18.44.

Shares of NYSE:MRC opened at $13.73 on Thursday. The company has a quick ratio of 1.22, a current ratio of 2.62 and a debt-to-equity ratio of 1.34. MRC Global has a fifty-two week low of $11.19 and a fifty-two week high of $19.91. The firm has a 50-day simple moving average of $13.53 and a 200 day simple moving average of $15.99. The company has a market cap of $1.09 billion, a PE ratio of 24.09, a P/E/G ratio of 0.94 and a beta of 2.09.

MRC Global (NYSE:MRC) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.01). MRC Global had a net margin of 1.88% and a return on equity of 11.23%. The business had revenue of $984.00 million for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the company earned $0.31 EPS. MRC Global’s quarterly revenue was down 9.1% on a year-over-year basis. As a group, research analysts forecast that MRC Global will post 0.69 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC grew its position in MRC Global by 312.8% in the 1st quarter. SG Americas Securities LLC now owns 37,836 shares of the oil and gas company’s stock worth $661,000 after purchasing an additional 28,671 shares during the last quarter. Pitcairn Co. bought a new position in MRC Global in the 2nd quarter worth about $514,000. Triad Investment Management grew its position in MRC Global by 12.9% in the 2nd quarter. Triad Investment Management now owns 228,730 shares of the oil and gas company’s stock worth $3,916,000 after purchasing an additional 26,168 shares during the last quarter. Synovus Financial Corp grew its position in MRC Global by 8.1% in the 1st quarter. Synovus Financial Corp now owns 45,195 shares of the oil and gas company’s stock worth $789,000 after purchasing an additional 3,404 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of MRC Global by 7.2% in the second quarter. JPMorgan Chase & Co. now owns 2,089,546 shares of the oil and gas company’s stock valued at $35,481,000 after acquiring an additional 141,131 shares in the last quarter. Hedge funds and other institutional investors own 95.53% of the company’s stock.

MRC Global Company Profile

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services to the energy industry in the United States, Canada, and internationally. The company supplies products across various markets, such as upstream, midstream, and downstream. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; and other products, such as lined corrosion resistant piping systems, control valves, valve automation products, and top work components, as well as measurement, steam, and instrumentation products.

Further Reading: What can cause a stock to outperform?

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