Zacks Investment Research lowered shares of MRC Global (NYSE:MRC) from a hold rating to a strong sell rating in a report issued on Monday.

According to Zacks, “Over the last three months, MRC Global’s shares underperformed the industry. The company’s third-quarter 2017 quarterly adjusted earnings of 2 cents per share missed the Zacks Consensus Estimate of 7 cents. Notably, quarterly revenues also missed the Consensus Estimate by 0.5%. The company believes reduced customer spending will continue to hurt its International business in the quarters ahead. Moreover, further elevation in oil prices might dent its downstream business performances. Also, price inflation of major inputs might hurt margins even in the upcoming quarters. Other headwinds such as heightening industry rivalry and adverse foreign currency translation impact remain causes of concern. Over the last 60 days, Zacks Consensus Estimate for the stock has also moved south for 2018.”

Other equities analysts have also issued reports about the company. Stifel Nicolaus reissued a buy rating and set a $18.00 price target on shares of MRC Global in a research report on Thursday, December 14th. Cowen set a $24.00 price target on MRC Global and gave the stock a buy rating in a research report on Friday, October 6th. Robert W. Baird reissued a hold rating and set a $21.00 price target on shares of MRC Global in a research report on Monday, October 9th. JPMorgan Chase & Co. reduced their price target on MRC Global from $25.00 to $23.00 and set an overweight rating on the stock in a research report on Tuesday, September 12th. Finally, ValuEngine lowered MRC Global from a hold rating to a sell rating in a research report on Thursday, November 9th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $20.44.

MRC Global (NYSE:MRC) opened at $18.27 on Monday. The company has a market capitalization of $1,730.00, a P/E ratio of -65.25, a P/E/G ratio of 1.94 and a beta of 1.60. The company has a current ratio of 2.31, a quick ratio of 1.16 and a debt-to-equity ratio of 0.57. MRC Global has a 52-week low of $14.01 and a 52-week high of $22.26.

MRC Global declared that its Board of Directors has initiated a share buyback plan on Thursday, November 2nd that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. raised its position in shares of MRC Global by 7.4% in the 2nd quarter. Prudential Financial Inc. now owns 371,420 shares of the oil and gas company’s stock valued at $6,135,000 after purchasing an additional 25,720 shares in the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of MRC Global in the 2nd quarter valued at approximately $17,961,000. Fox Run Management L.L.C. acquired a new position in shares of MRC Global in the 3rd quarter valued at approximately $448,000. Quantbot Technologies LP raised its position in shares of MRC Global by 346.3% in the 2nd quarter. Quantbot Technologies LP now owns 65,592 shares of the oil and gas company’s stock valued at $1,083,000 after purchasing an additional 50,894 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC acquired a new position in shares of MRC Global in the 2nd quarter valued at approximately $1,235,000. 94.08% of the stock is currently 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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