MRC Global Inc (NYSE:MRC) Sees Significant Increase in Short Interest

MRC Global Inc (NYSE:MRC) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 3,570,000 shares, a growth of 18.6% from the August 15th total of 3,010,000 shares. Based on an average daily trading volume, of 683,300 shares, the short-interest ratio is currently 5.2 days. Approximately 4.6% of the company’s stock are short sold.

Shares of NYSE MRC traded up $0.82 during midday trading on Wednesday, hitting $6.05. The company’s stock had a trading volume of 1,220,580 shares, compared to its average volume of 994,450. MRC Global has a 1-year low of $3.31 and a 1-year high of $15.47. The firm’s fifty day moving average price is $5.94 and its 200-day moving average price is $5.53. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.02 and a current ratio of 2.48. The firm has a market cap of $496.51 million, a P/E ratio of -1.66 and a beta of 2.34.

MRC Global (NYSE:MRC) last posted its quarterly earnings results on Tuesday, July 28th. The oil and gas company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.22) by $0.12. MRC Global had a negative net margin of 8.86% and a positive return on equity of 5.28%. The business had revenue of $602.00 million during the quarter, compared to analyst estimates of $587.81 million. During the same period in the previous year, the business posted $0.20 EPS. The company’s quarterly revenue was down 38.8% on a year-over-year basis. As a group, research analysts predict that MRC Global will post -0.45 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Prudential Financial Inc. boosted its holdings in shares of MRC Global by 5.1% in the 2nd quarter. Prudential Financial Inc. now owns 37,859 shares of the oil and gas company’s stock valued at $224,000 after buying an additional 1,839 shares during the period. Triad Investment Management boosted its holdings in shares of MRC Global by 1.3% in the 2nd quarter. Triad Investment Management now owns 248,224 shares of the oil and gas company’s stock valued at $1,467,000 after buying an additional 3,165 shares during the period. California Public Employees Retirement System boosted its holdings in shares of MRC Global by 2.3% in the 2nd quarter. California Public Employees Retirement System now owns 179,098 shares of the oil and gas company’s stock valued at $1,058,000 after buying an additional 4,078 shares during the period. Comerica Bank boosted its holdings in shares of MRC Global by 28.8% in the 1st quarter. Comerica Bank now owns 29,075 shares of the oil and gas company’s stock valued at $111,000 after buying an additional 6,500 shares during the period. Finally, M&T Bank Corp boosted its holdings in shares of MRC Global by 25.1% in the 2nd quarter. M&T Bank Corp now owns 37,262 shares of the oil and gas company’s stock valued at $221,000 after buying an additional 7,473 shares during the period. 96.32% of the stock is owned by institutional investors and hedge funds.

Several equities research analysts recently issued reports on the stock. Northland Securities assumed coverage on shares of MRC Global in a research note on Wednesday, June 24th. They set an “outperform” rating and a $7.50 price target on the stock. ValuEngine raised shares of MRC Global from a “hold” rating to a “buy” rating in a research note on Thursday, July 2nd. Capital One Financial reaffirmed an “overweight” rating on shares of MRC Global in a research note on Monday, July 20th. Zacks Investment Research raised shares of MRC Global from a “sell” rating to a “hold” rating and set a $6.50 price objective for the company in a report on Thursday, September 3rd. Finally, Stifel Nicolaus raised their price objective on shares of MRC Global from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $10.28.

About MRC Global

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.

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