MRC Global Inc. (NYSE:MRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, October 17th.
According to Zacks, “MRC Global’s second-quarter 2017 earnings missed the Zacks Consensus Estimate by a penny. Notably, quarterly gross margin had contracted 60 basis points year over year. Over the last month, the stock has outperformed the industry but we fear that lingering headwinds might dent near-term results. For instance, further slump in oil prices would continue to depress the company’s downstream businesses in the upcoming quarters. Moreover, other headwinds such as foreign currency translation impact or stiff industry rivalry remain major causes of concern as well. Over the last 60 days, Zacks Consensus Estimate for the stock has moved south for 2017.”
Other analysts have also recently issued reports about the stock. Cowen and Company set a $24.00 target price on shares of MRC Global and gave the company a “buy” rating in a research report on Friday, October 6th. Stifel Nicolaus reissued a “buy” rating and issued a $19.00 price objective on shares of MRC Global in a research report on Sunday, September 3rd. Robert W. Baird reissued a “hold” rating and issued a $21.00 price objective on shares of MRC Global in a research report on Sunday, September 10th. Wells Fargo & Company reissued a “market perform” rating and issued a $17.00 price objective (down from $20.00) on shares of MRC Global in a research report on Wednesday, July 12th. Finally, Seaport Global Securities lowered shares of MRC Global from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $17.00 in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $21.22.
MRC Global (MRC) traded up 1.19% during midday trading on Tuesday, hitting $16.97. The stock had a trading volume of 559,225 shares. MRC Global has a 52 week low of $13.68 and a 52 week high of $22.52. The stock’s market capitalization is $1.60 billion. The company’s 50 day moving average price is $17.46 and its 200-day moving average price is $17.37.
MRC Global (NYSE:MRC) last announced its quarterly earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $922.00 million during the quarter, compared to analysts’ expectations of $916.82 million. MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) EPS. Equities analysts anticipate that MRC Global will post $0.12 earnings per share for the current fiscal year.
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Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRC. Bank of New York Mellon Corp boosted its stake in shares of MRC Global by 3.0% during the first quarter. Bank of New York Mellon Corp now owns 470,065 shares of the oil and gas company’s stock valued at $8,617,000 after purchasing an additional 13,649 shares in the last quarter. Comerica Bank bought a new position in shares of MRC Global during the first quarter valued at approximately $401,000. Karp Capital Management Corp bought a new position in shares of MRC Global during the first quarter valued at approximately $429,000. Ameritas Investment Partners Inc. bought a new position in shares of MRC Global during the first quarter valued at approximately $148,000. Finally, Envestnet Asset Management Inc. boosted its stake in shares of MRC Global by 3.9% during the first quarter. Envestnet Asset Management Inc. now owns 8,569 shares of the oil and gas company’s stock valued at $156,000 after purchasing an additional 321 shares in the last quarter. Hedge funds and other institutional investors own 96.28% of the company’s stock.
MRC Global Company Profile
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
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