MRC Global (NYSE:MRC) Trading 6.2% Higher on Strong Earnings

MRC Global Inc. (NYSE:MRC - Get Free Report) traded up 6.2% during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $12.72 and last traded at $12.45. 58,966 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 559,477 shares. The stock had previously closed at $11.72.

The oil and gas company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.11 by $0.09. MRC Global had a net margin of 3.34% and a return on equity of 26.92%. The company had revenue of $806.00 million during the quarter, compared to the consensus estimate of $760.76 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The company's revenue for the quarter was down 8.9% compared to the same quarter last year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MRC. Susquehanna increased their price objective on shares of MRC Global from $13.00 to $15.00 and gave the company a "positive" rating in a research note on Monday, April 8th. Stephens reissued an "overweight" rating and issued a $17.00 price target on shares of MRC Global in a research report on Wednesday, February 14th. Four analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $15.33.

Institutional Investors Weigh In On MRC Global

Several large investors have recently made changes to their positions in the company. Pzena Investment Management LLC grew its stake in MRC Global by 4.0% during the third quarter. Pzena Investment Management LLC now owns 7,448,170 shares of the oil and gas company's stock worth $76,344,000 after buying an additional 285,843 shares during the last quarter. Engine Capital Management LP raised its position in MRC Global by 30.0% in the 4th quarter. Engine Capital Management LP now owns 3,866,886 shares of the oil and gas company's stock valued at $42,574,000 after purchasing an additional 891,454 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MRC Global by 1.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,327,337 shares of the oil and gas company's stock worth $36,635,000 after purchasing an additional 36,845 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of MRC Global by 22.9% during the third quarter. Wellington Management Group LLP now owns 3,010,991 shares of the oil and gas company's stock worth $30,863,000 after purchasing an additional 561,706 shares during the last quarter. Finally, Kennedy Capital Management LLC grew its holdings in shares of MRC Global by 1.0% during the third quarter. Kennedy Capital Management LLC now owns 2,094,016 shares of the oil and gas company's stock worth $21,464,000 after purchasing an additional 20,086 shares during the last quarter. Institutional investors own 94.97% of the company's stock.

MRC Global Stock Performance

The stock has a 50 day moving average price of $12.10 and a two-hundred day moving average price of $11.19. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of 12.05 and a beta of 2.01. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.48 and a quick ratio of 0.76.

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.