Cowen Reaffirms “Buy” Rating for MRC Global (MRC)
MRC Global (NYSE:MRC)‘s stock had its “buy” rating reissued by equities researchers at Cowen in a research note issued on Friday. They presently have a $25.00 target price on the oil and gas company’s stock. Cowen’s price target would suggest a potential upside of 43.60% from the stock’s previous close.
Several other brokerages also recently issued reports on MRC. ValuEngine upgraded shares of MRC Global from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Northcoast Research assumed coverage on shares of MRC Global in a research note on Tuesday, July 31st. They issued a “buy” rating and a $26.00 price objective on the stock. Stifel Nicolaus raised their price objective on shares of MRC Global from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, August 3rd. TheStreet upgraded shares of MRC Global from a “c+” rating to a “b-” rating in a research note on Thursday, July 26th. Finally, Zacks Investment Research downgraded shares of MRC Global from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 3rd. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $24.14.
NYSE:MRC opened at $17.41 on Friday. MRC Global has a 12 month low of $14.01 and a 12 month high of $22.98. The company has a market capitalization of $1.70 billion, a PE ratio of 580.33, a PEG ratio of 1.80 and a beta of 1.61. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.12 and a current ratio of 2.43.
Several institutional investors have recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new stake in MRC Global during the second quarter worth $217,000. Fox Run Management L.L.C. acquired a new stake in MRC Global during the third quarter worth $198,000. Winslow Asset Management Inc. acquired a new stake in MRC Global during the second quarter worth $238,000. Verition Fund Management LLC boosted its stake in MRC Global by 22.1% during the first quarter. Verition Fund Management LLC now owns 13,935 shares of the oil and gas company’s stock worth $229,000 after buying an additional 2,525 shares in the last quarter. Finally, Xact Kapitalforvaltning AB boosted its stake in MRC Global by 54.6% during the first quarter. Xact Kapitalforvaltning AB now owns 16,711 shares of the oil and gas company’s stock worth $275,000 after buying an additional 5,900 shares in the last quarter. Institutional investors and hedge funds own 96.78% of the company’s stock.
About MRC Global
MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and related 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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