MRC Global (NYSE:MRC) Trading Up 5.2% – Still a Buy?

Shares of MRC Global Inc. (NYSE:MRC) shot up 5.2% during mid-day trading on Thursday . The company traded as high as $10.76 and last traded at $10.77. 188,585 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 764,631 shares. The stock had previously closed at $10.24.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. StockNews.com lowered shares of MRC Global from a “buy” rating to a “hold” rating in a research note on Monday, March 17th. Stifel Nicolaus dropped their price objective on shares of MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Loop Capital lowered their target price on shares of MRC Global from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Finally, Susquehanna cut their price target on MRC Global from $15.00 to $13.00 and set a “positive” rating on the stock in a research note on Monday, April 14th.

MRC Global Price Performance

The stock has a market capitalization of $935.29 million, a PE ratio of 12.49 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The stock’s 50-day moving average is $11.52 and its 200 day moving average is $12.73.

MRC Global (NYSE:MRC) last posted its earnings results on Friday, March 14th. The oil and gas company reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The business had revenue of $736.80 million for the quarter, compared to analysts’ expectations of $726.90 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The business’s revenue was down 10.3% compared to the same quarter last year. As a group, equities analysts expect that MRC Global Inc. will post 0.86 earnings per share for the current year.

MRC Global announced that its board has authorized a stock buyback plan on Friday, January 3rd that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 11% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On MRC Global

A number of hedge funds have recently modified their holdings of the business. Pullen Investment Management LLC purchased a new stake in MRC Global in the 1st quarter valued at $883,000. SG Americas Securities LLC raised its holdings in shares of MRC Global by 19.6% in the first quarter. SG Americas Securities LLC now owns 44,586 shares of the oil and gas company’s stock valued at $512,000 after buying an additional 7,301 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of MRC Global during the first quarter worth about $229,000. GAMMA Investing LLC grew its holdings in shares of MRC Global by 1,576.2% during the first quarter. GAMMA Investing LLC now owns 14,063 shares of the oil and gas company’s stock worth $161,000 after buying an additional 13,224 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in MRC Global by 20.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 266,690 shares of the oil and gas company’s stock valued at $3,408,000 after acquiring an additional 45,497 shares during the period. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

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.