Cowen and Company Increases MRC Global Inc. (NYSE:MRC) Price Target to $24.00
MRC Global Inc. (NYSE:MRC) had its target price upped by analysts at Cowen and Company from $20.00 to $24.00 in a research report issued on Monday. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Cowen and Company’s price target indicates a potential upside of 49.07% from the stock’s current price.
A number of other equities analysts also recently commented on MRC. Susquehanna Bancshares Inc started coverage on shares of MRC Global in a research note on Tuesday, April 11th. They set a “positive” rating and a $23.00 target price on the stock. UBS AG raised shares of MRC Global from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 19th. Raymond James Financial, Inc. raised shares of MRC Global from a “market perform” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Wednesday, April 19th. KeyCorp reaffirmed a “sector weight” rating on shares of MRC Global in a research note on Friday, May 26th. Finally, Stifel Nicolaus started coverage on shares of MRC Global in a research note on Tuesday, June 6th. They set a “buy” rating and a $22.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $21.50.
MRC Global (NYSE MRC) opened at 16.10 on Monday. The company’s market capitalization is $1.52 billion. MRC Global has a one year low of $13.50 and a one year high of $22.52. The company’s 50-day moving average is $16.50 and its 200 day moving average is $18.58.
MRC Global (NYSE:MRC) last issued its earnings results on Thursday, August 3rd. The oil and gas company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by $0.01. MRC Global had a positive return on equity of 0.39% and a negative net margin of 1.40%. The firm had revenue of $922 million for the quarter, compared to analysts’ expectations of $916.82 million. During the same period last year, the firm earned ($0.15) earnings per share. MRC Global’s revenue for the quarter was up 23.6% on a year-over-year basis. On average, equities analysts anticipate that MRC Global will post $0.19 earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in MRC Global by 17,937.8% in the first quarter. BlackRock Inc. now owns 7,126,027 shares of the oil and gas company’s stock worth $130,618,000 after buying an additional 7,086,521 shares during the period. Clearbridge Investments LLC bought a new stake in MRC Global during the first quarter worth about $28,656,000. Vanguard Group Inc. increased its stake in MRC Global by 12.5% in the first quarter. Vanguard Group Inc. now owns 8,073,947 shares of the oil and gas company’s stock worth $147,994,000 after buying an additional 894,581 shares during the period. Mesirow Financial Investment Management Equity Management bought a new stake in MRC Global during the first quarter worth about $14,983,000. Finally, MARSHALL WACE ASIA Ltd bought a new stake in MRC Global during the first quarter worth about $11,659,000. 96.97% of the stock is currently owned by institutional investors and hedge funds.
About MRC Global
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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