KeyCorp Weighs in on MRC Global Inc’s FY2018 Earnings (MRC)
MRC Global Inc (NYSE:MRC) – Research analysts at KeyCorp lifted their FY2018 earnings per share (EPS) estimates for MRC Global in a research report issued on Thursday. KeyCorp analyst S. Barger now forecasts that the oil and gas company will earn $0.72 per share for the year, up from their previous forecast of $0.59.
Other analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of MRC Global from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $20.00 price objective on shares of MRC Global in a research note on Tuesday, October 17th. Cowen decreased their price objective on shares of MRC Global from $24.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, November 6th. Susquehanna Bancshares set a $21.00 price objective on shares of MRC Global and gave the stock a “buy” rating in a research note on Friday, January 12th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $21.00 price objective on shares of MRC Global in a research note on Monday, October 9th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $20.67.
MRC Global (NYSE:MRC) last posted its quarterly earnings data on Thursday, November 2nd. The oil and gas company reported $0.02 EPS for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.05). MRC Global had a negative net margin of 0.09% and a positive return on equity of 1.44%.
MRC Global declared that its board has authorized a share repurchase plan on Thursday, November 2nd that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other MRC Global news, CEO Andrew R. Lane sold 180,621 shares of MRC Global stock in a transaction on Friday, January 12th. The shares were sold at an average price of $19.00, for a total transaction of $3,431,799.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Andrew R. Lane sold 293,154 shares of MRC Global stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $19.00, for a total transaction of $5,569,926.00. The disclosure for this sale can be found here. Company insiders own 6.30% of the company’s stock.
Several large investors have recently modified their holdings of the business. Suntrust Banks Inc. boosted its stake in shares of MRC Global by 1.2% during the 2nd quarter. Suntrust Banks Inc. now owns 18,307 shares of the oil and gas company’s stock valued at $302,000 after buying an additional 215 shares during the period. Broadview Advisors LLC boosted its stake in shares of MRC Global by 0.8% during the 2nd quarter. Broadview Advisors LLC now owns 100,550 shares of the oil and gas company’s stock valued at $1,661,000 after buying an additional 800 shares during the period. Wayne Hummer Investments L.L.C. boosted its stake in shares of MRC Global by 13.4% during the 3rd quarter. Wayne Hummer Investments L.L.C. now owns 32,315 shares of the oil and gas company’s stock valued at $565,000 after buying an additional 3,815 shares during the period. American International Group Inc. boosted its stake in shares of MRC Global by 8.1% during the 3rd quarter. American International Group Inc. now owns 59,936 shares of the oil and gas company’s stock valued at $1,048,000 after buying an additional 4,481 shares during the period. Finally, Alpha Windward LLC raised its holdings in shares of MRC Global by 15.1% during the 4th quarter. Alpha Windward LLC now owns 34,260 shares of the oil and gas company’s stock valued at $580,000 after purchasing an additional 4,500 shares in the last quarter. 94.01% of the stock is owned by institutional investors.
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MRC Global Company Profile
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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