MRC Global (NYSE:MRC) Reaches New 52-Week High – Here’s Why

MRC Global Inc. (NYSE:MRC)’s stock price hit a new 52-week high during trading on Tuesday . The company traded as high as $15.41 and last traded at $15.07, with a volume of 677684 shares changing hands. The stock had previously closed at $15.27.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MRC shares. Stifel Nicolaus lifted their price objective on shares of MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Susquehanna upped their price objective on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, November 7th. Finally, StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th.

MRC Global Trading Up 0.7 %

The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.27 billion, a PE ratio of 17.13 and a beta of 1.97. The business’s 50-day moving average is $13.63 and its two-hundred day moving average is $13.17.

MRC Global (NYSE:MRC) last posted its earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The business had revenue of $797.00 million during the quarter, compared to the consensus estimate of $794.17 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The business’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.32 EPS. On average, analysts anticipate that MRC Global Inc. will post 0.86 earnings per share for the current fiscal year.

MRC Global declared that its Board of Directors has approved a share repurchase plan on Friday, January 3rd that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of MRC Global

Large investors have recently bought and sold shares of the business. Shaker Investments LLC OH acquired a new position in MRC Global in the fourth quarter valued at $511,000. Empowered Funds LLC raised its stake in MRC Global by 32.8% during the 4th quarter. Empowered Funds LLC now owns 376,014 shares of the oil and gas company’s stock valued at $4,805,000 after acquiring an additional 92,874 shares during the last quarter. Robertson Stephens Wealth Management LLC lifted its position in MRC Global by 74.4% during the 4th quarter. Robertson Stephens Wealth Management LLC now owns 85,635 shares of the oil and gas company’s stock worth $1,094,000 after acquiring an additional 36,521 shares during the period. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of MRC Global in the 4th quarter valued at approximately $327,000. Finally, Longboard Asset Management LP acquired a new position in shares of MRC Global in the fourth quarter valued at approximately $134,000. Institutional investors and hedge funds own 94.97% 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 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.