MRC Global (NYSE:MRC) Downgraded by Cowen

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Cowen cut shares of MRC Global (NYSE:MRC) from an outperform rating to a market perform rating in a research report released on Thursday morning, BenzingaRatingsTable reports.

A number of other brokerages have also recently commented on MRC. ValuEngine cut MRC Global from a hold rating to a sell rating in a research note on Tuesday, August 20th. TheStreet raised MRC Global from a c rating to a b- rating in a research note on Friday, August 2nd. Scotiabank cut MRC Global from a sector outperform rating to a sector perform rating and lowered their price target for the company from $17.00 to $11.00 in a research note on Friday, September 6th. Finally, Raymond James set a $16.00 price target on MRC Global and gave the company a buy rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $18.44.

Shares of NYSE:MRC opened at $13.23 on Thursday. The stock has a market capitalization of $1.10 billion, a P/E ratio of 23.21, a P/E/G ratio of 1.06 and a beta of 2.09. MRC Global has a 1-year low of $11.19 and a 1-year high of $19.88. The company has a current ratio of 2.62, a quick ratio of 1.22 and a debt-to-equity ratio of 1.34. The business has a 50-day moving average price of $13.47 and a two-hundred day moving average price of $15.97.

MRC Global (NYSE:MRC) last announced its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.01). The firm had revenue of $984.00 million for the quarter, compared to the consensus estimate of $1.04 billion. MRC Global had a return on equity of 11.23% and a net margin of 1.88%. The business’s revenue for the quarter was down 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 earnings per share. As a group, equities analysts predict that MRC Global will post 0.63 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the business. Luminus Management LLC boosted its position in MRC Global by 34.0% during the 2nd quarter. Luminus Management LLC now owns 2,496,541 shares of the oil and gas company’s stock worth $42,741,000 after acquiring an additional 632,920 shares during the last quarter. Royal Bank of Canada boosted its position in MRC Global by 13.1% during the 2nd quarter. Royal Bank of Canada now owns 81,091 shares of the oil and gas company’s stock worth $1,389,000 after acquiring an additional 9,384 shares during the last quarter. Nuveen Asset Management LLC acquired a new position in MRC Global during the 2nd quarter worth approximately $10,520,000. Jane Street Group LLC acquired a new position in MRC Global during the 2nd quarter worth approximately $179,000. Finally, Citadel Advisors LLC boosted its position in MRC Global by 3.6% during the 2nd quarter. Citadel Advisors LLC now owns 134,693 shares of the oil and gas company’s stock worth $2,306,000 after acquiring an additional 4,687 shares during the last quarter. 95.51% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for MRC Global (NYSE:MRC)

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