MRC Global (NYSE:MRC) Announces Quarterly Earnings Results

MRC Global (NYSE:MRC) issued its quarterly earnings data on Wednesday. The oil and gas company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.15), Zacks reports. The business had revenue of $678.00 million during the quarter, compared to the consensus estimate of $854.60 million. MRC Global had a negative net margin of 0.10% and a positive return on equity of 11.81%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 EPS.

MRC Global Price Performance

NYSE:MRC traded down $0.07 during mid-day trading on Friday, reaching $13.78. The stock had a trading volume of 1,994,171 shares, compared to its average volume of 814,362. The stock has a market capitalization of $1.17 billion, a P/E ratio of -57.40 and a beta of 1.63. MRC Global has a one year low of $9.23 and a one year high of $15.59. The firm has a 50 day moving average price of $14.29 and a two-hundred day moving average price of $13.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.00 and a current ratio of 1.84.

Institutional Trading of MRC Global

A number of institutional investors have recently made changes to their positions in the stock. Quantinno Capital Management LP lifted its holdings in MRC Global by 45.0% in the 2nd quarter. Quantinno Capital Management LP now owns 22,112 shares of the oil and gas company’s stock worth $303,000 after buying an additional 6,863 shares during the period. Vident Advisory LLC bought a new stake in MRC Global during the second quarter worth about $479,000. Norges Bank bought a new position in shares of MRC Global during the second quarter valued at approximately $1,069,000. Bank of America Corp DE grew its stake in shares of MRC Global by 167.3% in the 2nd quarter. Bank of America Corp DE now owns 2,468,978 shares of the oil and gas company’s stock worth $33,850,000 after buying an additional 1,545,331 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in MRC Global by 1.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 270,742 shares of the oil and gas company’s stock valued at $3,108,000 after buying an additional 4,052 shares during the last quarter. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Susquehanna downgraded shares of MRC Global from a “positive” rating to a “neutral” rating and set a $15.00 price objective for the company. in a research note on Thursday, October 2nd. Loop Capital downgraded MRC Global from a “buy” rating to a “hold” rating and set a $16.00 price target for the company. in a research note on Monday, October 27th. Stifel Nicolaus reduced their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, July 21st. Zacks Research raised MRC Global to a “hold” rating in a research note on Friday, August 8th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of MRC Global in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, MRC Global has an average rating of “Hold” and a consensus price target of $15.67.

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.