MRC Global (NYSE:MRC) Trading Up 6.2% After Better-Than-Expected Earnings

Shares of MRC Global Inc. (NYSE:MRC) were up 6.2% during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $12.72 and last traded at $12.45. Approximately 58,966 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 559,477 shares. The stock had previously closed at $11.72.

The oil and gas company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.09. MRC Global had a return on equity of 26.92% and a net margin of 3.34%. The company had revenue of $806.00 million for the quarter, compared to analysts’ expectations of $760.76 million. During the same period in the previous year, the firm posted $0.32 EPS. MRC Global’s revenue was down 8.9% compared to the same quarter last year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Stephens restated an “overweight” rating and issued a $17.00 price objective on shares of MRC Global in a report on Wednesday, February 14th. Susquehanna boosted their price target on shares of MRC Global from $13.00 to $15.00 and gave the stock a “positive” rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a buy rating, According to MarketBeat.com, MRC Global presently has an average rating of “Buy” and a consensus price target of $15.33.

Institutional Investors Weigh In On MRC Global

Several hedge funds and other institutional investors have recently bought and sold shares of MRC. SummerHaven Investment Management LLC lifted its holdings in shares of MRC Global by 1.5% in the 4th quarter. SummerHaven Investment Management LLC now owns 70,162 shares of the oil and gas company’s stock worth $772,000 after acquiring an additional 1,025 shares during the last quarter. ProShare Advisors LLC lifted its stake in MRC Global by 8.5% during the first quarter. ProShare Advisors LLC now owns 15,083 shares of the oil and gas company’s stock worth $190,000 after purchasing an additional 1,186 shares in the last quarter. Swiss National Bank boosted its position in shares of MRC Global by 0.9% during the third quarter. Swiss National Bank now owns 185,149 shares of the oil and gas company’s stock worth $1,898,000 after buying an additional 1,700 shares during the period. BNP Paribas Financial Markets grew its stake in shares of MRC Global by 4.0% in the first quarter. BNP Paribas Financial Markets now owns 78,428 shares of the oil and gas company’s stock valued at $986,000 after buying an additional 2,994 shares in the last quarter. Finally, Gladius Capital Management LP purchased a new stake in shares of MRC Global in the 3rd quarter valued at $33,000. 94.97% of the stock is currently owned by institutional investors and hedge funds.

MRC Global Trading Up 8.4 %

The company has a 50 day moving average of $12.10 and a 200-day moving average of $11.19. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 11.26 and a beta of 2.01. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.76 and a current ratio of 1.48.

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.