MRC Global (NYSE:MRC) Hits New 52-Week High Following Analyst Upgrade

MRC Global Inc. (NYSE:MRC) hit a new 52-week high during trading on Friday after Stifel Nicolaus raised their price target on the stock from $15.00 to $17.00. Stifel Nicolaus currently has a buy rating on the stock. MRC Global traded as high as $15.52 and last traded at $15.19, with a volume of 519618 shares. The stock had previously closed at $13.32.

MRC has been the subject of several other research reports. Wall Street Zen raised shares of MRC Global from a “hold” rating to a “buy” rating in a report on Friday, June 6th. Loop Capital cut their price target on shares of MRC Global from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Finally, Susquehanna cut their price target on shares of MRC Global from $15.00 to $13.00 and set a “positive” rating for the company in a report on Monday, April 14th.

Institutional Investors Weigh In On MRC Global

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRC. Lord Abbett & CO. LLC boosted its stake in MRC Global by 336.0% during the 1st quarter. Lord Abbett & CO. LLC now owns 3,498,499 shares of the oil and gas company’s stock worth $40,163,000 after purchasing an additional 2,696,044 shares during the last quarter. Nuveen LLC acquired a new stake in MRC Global during the 1st quarter worth $14,081,000. Pacer Advisors Inc. acquired a new stake in MRC Global during the 1st quarter worth $12,433,000. JPMorgan Chase & Co. boosted its stake in MRC Global by 419.3% during the 4th quarter. JPMorgan Chase & Co. now owns 811,787 shares of the oil and gas company’s stock worth $10,375,000 after purchasing an additional 655,455 shares during the last quarter. Finally, Cramer Rosenthal Mcglynn LLC boosted its stake in MRC Global by 64.0% during the 1st quarter. Cramer Rosenthal Mcglynn LLC now owns 1,303,210 shares of the oil and gas company’s stock worth $14,961,000 after purchasing an additional 508,723 shares during the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.

MRC Global Stock Performance

The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.91 and a current ratio of 1.68. The firm’s 50 day simple moving average is $12.49 and its 200-day simple moving average is $12.49. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -135.58 and a beta of 1.61.

MRC Global (NYSE:MRC) last announced its earnings results on Tuesday, May 6th. The oil and gas company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.06. MRC Global had a net margin of 0.47% and a return on equity of 12.82%. The company had revenue of $712.00 million for the quarter, compared to analysts’ expectations of $710.00 million. During the same quarter in the previous year, the company posted $0.20 EPS. The firm’s quarterly revenue was down 11.7% on a year-over-year basis. On average, sell-side analysts predict that MRC Global Inc. will post 0.86 EPS for the current year.

About MRC Global

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.