MRC Global (NYSE:MRC) Sets New 52-Week High – Still a Buy?

MRC Global Inc. (NYSE:MRC)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $14.98 and last traded at $14.90, with a volume of 29747 shares. The stock had previously closed at $14.85.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MRC. Stifel Nicolaus lifted their target price on MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Susquehanna raised their price objective on MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a research note 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 Stock Up 2.4 %

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 firm has a market capitalization of $1.28 billion, a P/E ratio of 17.27 and a beta of 1.97. The stock has a fifty day moving average price of $13.51 and a two-hundred day moving average price of $13.11.

MRC Global (NYSE:MRC) last issued its earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $797.00 million for the quarter, compared to analysts’ expectations of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. MRC Global’s revenue was down 10.2% on a year-over-year basis. During the same quarter last year, the company posted $0.32 earnings per share. Research analysts forecast that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global declared that its Board of Directors has initiated a share buyback program on Friday, January 3rd that allows the company to buyback $125.00 million in shares. This buyback authorization allows the oil and gas company to buy up to 11% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MRC. Essex Investment Management Co. LLC grew its holdings in MRC Global by 0.4% during the third quarter. Essex Investment Management Co. LLC now owns 300,195 shares of the oil and gas company’s stock worth $3,824,000 after acquiring an additional 1,063 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of MRC Global by 4.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 32,061 shares of the oil and gas company’s stock worth $414,000 after purchasing an additional 1,289 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of MRC Global by 20.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,575 shares of the oil and gas company’s stock worth $198,000 after purchasing an additional 2,639 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in MRC Global during the second quarter valued at approximately $56,000. Finally, Quarry LP boosted its holdings in MRC Global by 162.8% during the second quarter. Quarry LP now owns 7,333 shares of the oil and gas company’s stock worth $95,000 after buying an additional 4,543 shares in the last quarter. 94.97% of the stock is currently owned by 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.