State of Wyoming Raises Stock Position in MRC Global Inc. $MRC

Key Points

• The State of Wyoming increased its stake in MRC Global Inc. by 89.1% during the first quarter, now owning 54,650 shares valued at approximately $627,000.
• MRC Global reported $0.25 earnings per share for the last quarter, which exceeded analysts' estimates of $0.23, while revenue was $798 million, down 4.1% year-over-year.
• Wall Street analysts have rated MRC Global as a Moderate Buy, with a target price averaging $16.00, despite recent price adjustments.

State of Wyoming raised its holdings in shares of MRC Global Inc. (NYSE:MRC - Free Report) by 89.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,650 shares of the oil and gas company's stock after buying an additional 25,756 shares during the period. State of Wyoming owned about 0.06% of MRC Global worth $627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its holdings in MRC Global by 52.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 23,234 shares of the oil and gas company's stock valued at $270,000 after buying an additional 8,034 shares during the last quarter. GAMMA Investing LLC increased its holdings in MRC Global by 1,576.2% during the first quarter. GAMMA Investing LLC now owns 14,063 shares of the oil and gas company's stock valued at $161,000 after buying an additional 13,224 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of MRC Global by 19.6% in the first quarter. SG Americas Securities LLC now owns 44,586 shares of the oil and gas company's stock worth $512,000 after purchasing an additional 7,301 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of MRC Global by 67.6% in the first quarter. Oppenheimer Asset Management Inc. now owns 50,719 shares of the oil and gas company's stock worth $582,000 after purchasing an additional 20,455 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in shares of MRC Global by 8.8% in the fourth quarter. BNP Paribas Financial Markets now owns 59,780 shares of the oil and gas company's stock worth $764,000 after purchasing an additional 4,831 shares in the last quarter. 94.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MRC. Wall Street Zen raised shares of MRC Global from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. Zacks Research raised shares of MRC Global to a "hold" rating in a research note on Friday, August 8th. Stifel Nicolaus reduced their price objective on shares of MRC Global from $17.00 to $16.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Finally, Susquehanna increased their price objective on shares of MRC Global from $14.00 to $15.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $16.00.

MRC Global Price Performance

MRC traded up $0.46 during trading on Thursday, hitting $15.13. 464,683 shares of the company traded hands, compared to its average volume of 558,578. The company has a market cap of $1.29 billion, a PE ratio of -63.03 and a beta of 1.72. The stock's 50-day simple moving average is $14.12 and its two-hundred day simple moving average is $12.68. MRC Global Inc. has a 1 year low of $9.23 and a 1 year high of $15.59. The company has a current ratio of 1.84, a quick ratio of 1.00 and a debt-to-equity ratio of 0.83.

MRC Global (NYSE:MRC - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.02. MRC Global had a negative net margin of 0.10% and a positive return on equity of 11.81%. The company had revenue of $798.00 million during the quarter, compared to analysts' expectations of $784.60 million. During the same period last year, the company posted $0.28 earnings per share. MRC Global's quarterly revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts anticipate that MRC Global Inc. will post 0.86 earnings per share 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.