MRC Global Inc. (NYSE:MRC) was upgraded by equities research analysts at Cowen and Company from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $18.00 target price on the stock, up from their previous target price of $16.00. Cowen and Company’s target price would indicate a potential downside of 6.93% from the stock’s previous close.
Several other research analysts also recently commented on MRC. Wells Fargo & Co. reissued a “hold” rating on shares of MRC Global in a report on Sunday, September 4th. JPMorgan Chase & Co. reissued a “buy” rating on shares of MRC Global in a report on Wednesday, August 3rd. Maxim Group raised MRC Global from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Thursday, August 4th. Finally, Capital One Financial Corp. raised MRC Global from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 3rd. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $16.80.
MRC Global (NYSE:MRC) traded down 1.83% during midday trading on Tuesday, hitting $19.34. The stock had a trading volume of 260,786 shares. The stock’s 50-day moving average is $16.56 and its 200-day moving average is $14.87. The company’s market cap is $1.84 billion. MRC Global has a one year low of $8.50 and a one year high of $19.71.
MRC Global (NYSE:MRC) last released its quarterly earnings data on Thursday, November 3rd. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The company had revenue of $793 million for the quarter, compared to the consensus estimate of $759.67 million. MRC Global had a negative return on equity of 0.01% and a negative net margin of 13.92%. The company’s quarterly revenue was down 26.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.10 earnings per share. Equities analysts predict that MRC Global will post ($0.51) EPS for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. boosted its stake in shares of MRC Global by 19.2% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 560,928 shares of the company’s stock valued at $9,215,000 after buying an additional 90,316 shares during the last quarter. Credit Suisse AG boosted its stake in shares of MRC Global by 33.5% in the third quarter. Credit Suisse AG now owns 292,599 shares of the company’s stock valued at $4,808,000 after buying an additional 73,429 shares during the last quarter. Pioneer Investment Management Inc. boosted its stake in shares of MRC Global by 38.9% in the third quarter. Pioneer Investment Management Inc. now owns 384,477 shares of the company’s stock valued at $6,317,000 after buying an additional 107,637 shares during the last quarter. BTG Pactual Global Asset Management Ltd acquired a new stake in shares of MRC Global during the third quarter valued at approximately $1,057,000. Finally, Scopus Asset Management L.P. acquired a new stake in shares of MRC Global during the third quarter valued at approximately $4,929,000.
About MRC Global