MRC Global (NYSE:MRC) Declares Stock Repurchase Plan

MRC Global (NYSE:MRC) announced that its board has initiated a stock buyback plan on Friday, January 3rd, RTT News reports. The company plans to repurchase $125.00 million in shares. This repurchase authorization permits the oil and gas company to purchase up to 11% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MRC shares. Susquehanna increased their price objective on MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a research report on Thursday, November 7th. StockNews.com lowered shares of MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Stifel Nicolaus lifted their price objective on shares of MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th.

MRC Global Price Performance

MRC Global stock opened at $13.30 on Friday. The firm has a market cap of $1.13 billion, a PE ratio of 15.29 and a beta of 1.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.99 and a quick ratio of 1.11. The stock’s fifty day moving average price is $13.28 and its two-hundred day moving average price is $12.98. MRC Global has a one year low of $9.77 and a one year high of $14.91.

MRC Global (NYSE:MRC) last issued its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The company had revenue of $797.00 million for the quarter, compared to analysts’ expectations of $794.17 million. During the same quarter last year, the business earned $0.32 earnings per share. MRC Global’s revenue was down 10.2% on a year-over-year basis. As a group, research analysts expect that MRC Global will post 0.85 EPS for the current fiscal year.

MRC Global Company Profile

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.