MRC Global Inc (NYSE:MRC) Short Interest Update

MRC Global Inc (NYSE:MRC) was the target of a large decrease in short interest in October. As of October 31st, there was short interest totalling 4,060,000 shares, a decrease of 9.4% from the September 30th total of 4,480,000 shares. Based on an average daily trading volume, of 1,040,000 shares, the short-interest ratio is presently 3.9 days. Approximately 5.3% of the shares of the stock are sold short.

A number of research analysts have recently weighed in on the company. Stifel Nicolaus raised their price objective on MRC Global from $11.00 to $12.00 and gave the company a “hold” rating in a research report on Tuesday, September 24th. TheStreet lowered MRC Global from a “b-” rating to a “c” rating in a research report on Monday, September 16th. Scotiabank lowered MRC Global from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $17.00 to $11.00 in a research report on Friday, September 6th. Cowen lifted their price target on MRC Global from $14.00 to $16.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Finally, ValuEngine upgraded MRC Global from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $15.57.

MRC traded down $0.12 on Friday, hitting $14.19. The company had a trading volume of 493,297 shares, compared to its average volume of 1,165,752. The company has a market cap of $1.18 billion, a PE ratio of 24.89, a PEG ratio of 1.09 and a beta of 2.09. MRC Global has a 12-month low of $10.73 and a 12-month high of $18.92. The company has a quick ratio of 1.15, a current ratio of 2.47 and a debt-to-equity ratio of 1.18. The business’s fifty day simple moving average is $12.38 and its 200 day simple moving average is $14.38.

MRC Global (NYSE:MRC) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.10. The company had revenue of $942.00 million during the quarter, compared to analyst estimates of $938.10 million. MRC Global had a return on equity of 11.80% and a net margin of 1.87%. The firm’s revenue was down 12.0% on a year-over-year basis. During the same quarter last year, the business posted $0.41 earnings per share. On average, analysts anticipate that MRC Global will post 0.65 earnings per share for the current fiscal year.

In other news, Director Lewis Craig Ketchum sold 18,328 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.08, for a total transaction of $276,386.24. Following the completion of the transaction, the director now owns 74,164 shares in the company, valued at $1,118,393.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Andrew R. Lane sold 109,686 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.02, for a total value of $1,647,483.72. The disclosure for this sale can be found here. Insiders sold a total of 209,686 shares of company stock valued at $3,159,567 in the last quarter. 23.10% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its holdings in MRC Global by 17.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 325,199 shares of the oil and gas company’s stock worth $3,945,000 after purchasing an additional 47,366 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of MRC Global during the third quarter worth $142,000. First Trust Advisors LP lifted its position in shares of MRC Global by 53.3% during the third quarter. First Trust Advisors LP now owns 75,605 shares of the oil and gas company’s stock worth $917,000 after purchasing an additional 26,277 shares in the last quarter. Sciencast Management LP acquired a new position in shares of MRC Global during the third quarter worth $123,000. Finally, California Public Employees Retirement System lifted its position in shares of MRC Global by 9.5% during the third quarter. California Public Employees Retirement System now owns 185,520 shares of the oil and gas company’s stock worth $2,250,000 after purchasing an additional 16,137 shares in the last quarter. Institutional investors own 96.05% 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 to the energy industry in the United States, Canada, and internationally. The company supplies products across various markets, such as upstream, midstream, and downstream. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; and other products, such as lined corrosion resistant piping systems, control valves, valve automation products, and top work components, as well as measurement, steam, and instrumentation products.

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