MRC Global Inc. (NYSE:MRC) Sees Significant Drop in Short Interest

MRC Global Inc. (NYSE:MRC) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 1,090,000 shares, a decrease of 19.9% from the October 15th total of 1,360,000 shares. Based on an average daily trading volume, of 500,000 shares, the short-interest ratio is presently 2.2 days.

MRC Global Price Performance

Shares of MRC traded down $0.15 during mid-day trading on Friday, reaching $13.37. 395,107 shares of the stock traded hands, compared to its average volume of 698,771. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 15.37 and a beta of 1.97. MRC Global has a 1 year low of $9.77 and a 1 year high of $14.91. The firm has a fifty day moving average price of $12.64 and a 200 day moving average price of $12.84. The company has a current ratio of 1.99, a quick ratio of 1.11 and a debt-to-equity ratio of 0.15.

MRC Global (NYSE:MRC) last announced its earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $797.00 million for the quarter, compared to the consensus estimate of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. MRC Global’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period last year, the firm posted $0.32 earnings per share. As a group, equities research analysts predict that MRC Global will post 0.89 earnings per share for the current year.

Hedge Funds Weigh In On MRC Global

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC grew its stake in shares of MRC Global by 1.7% in the third quarter. Geode Capital Management LLC now owns 1,956,725 shares of the oil and gas company’s stock worth $24,934,000 after purchasing an additional 32,760 shares during the last quarter. Barclays PLC increased its stake in shares of MRC Global by 197.7% during the third quarter. Barclays PLC now owns 151,169 shares of the oil and gas company’s stock valued at $1,927,000 after buying an additional 100,384 shares during the period. EP Wealth Advisors LLC bought a new position in shares of MRC Global during the third quarter valued at approximately $167,000. Wellington Management Group LLP lifted its stake in MRC Global by 1.8% in the third quarter. Wellington Management Group LLP now owns 3,209,251 shares of the oil and gas company’s stock worth $40,886,000 after acquiring an additional 55,553 shares during the period. Finally, Western Standard LLC boosted its holdings in MRC Global by 23.6% in the third quarter. Western Standard LLC now owns 162,561 shares of the oil and gas company’s stock valued at $2,071,000 after acquiring an additional 30,998 shares in the last quarter. 94.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MRC shares. StockNews.com lowered MRC Global from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 9th. Stifel Nicolaus upped their target price on MRC Global from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, October 15th. Finally, Susquehanna raised their price target on shares of MRC Global from $16.00 to $17.00 and gave the stock a “positive” rating in a report on Thursday, November 7th.

About MRC Global

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.