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

MRC Global Inc. (NYSE:MRC - Get Free Report) was the target of a large increase in short interest in March. As of March 31st, there was short interest totalling 1,750,000 shares, an increase of 21.5% from the March 15th total of 1,440,000 shares. Approximately 2.6% of the shares of the stock are short sold. Based on an average trading volume of 791,200 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MRC. Susquehanna cut their price target on MRC Global from $15.00 to $13.00 and set a "positive" rating for the company in a research note on Monday, April 14th. Loop Capital reduced their target price on MRC Global from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Stifel Nicolaus dropped their price target on shares of MRC Global from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, March 17th. Finally, StockNews.com lowered shares of MRC Global from a "buy" rating to a "hold" rating in a report on Monday, March 17th.

MRC Global Price Performance

Shares of MRC traded up $0.01 during trading hours on Friday, hitting $11.66. 137,881 shares of the stock were exchanged, compared to its average volume of 763,247. The stock's 50-day moving average price is $11.35 and its two-hundred day moving average price is $12.69. MRC Global has a 12-month low of $9.23 and a 12-month high of $15.41. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. The company has a market cap of $1.00 billion, a price-to-earnings ratio of 13.40 and a beta of 1.67.

MRC Global (NYSE:MRC - Get Free Report) last released its earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.08. The business had revenue of $736.80 million during the quarter, compared to analyst estimates of $726.90 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The company's revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.23 earnings per share. Research analysts expect that MRC Global will post 0.86 earnings per share for the current year.

MRC Global declared that its Board of Directors has authorized a stock buyback program on Friday, January 3rd that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 11% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On MRC Global

A number of large investors have recently made changes to their positions in MRC. Allspring Global Investments Holdings LLC boosted its stake 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 worth $270,000 after buying an additional 8,034 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings 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 valued at $582,000 after purchasing an additional 20,455 shares during the period. Pullen Investment Management LLC acquired a new stake in MRC Global during the first quarter worth about $883,000. SG Americas Securities LLC raised its stake in MRC Global by 19.6% during 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 during the period. Finally, Harbor Capital Advisors Inc. acquired a new position in MRC Global in the 1st quarter valued at about $229,000. 94.97% of the stock is currently owned by hedge funds and other institutional investors.

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.