MRC Global (NYSE:MRC) to Repurchase $125.00 million in Outstanding Shares

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

Analyst Upgrades and Downgrades

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

MRC Global Trading Up 4.8 %

MRC Global stock opened at $13.30 on Monday. The stock has a market cap of $1.13 billion, a P/E ratio of 15.29 and a beta of 1.97. MRC Global has a 12 month low of $9.77 and a 12 month high of $14.91. The company has a quick ratio of 1.11, a current ratio of 1.99 and a debt-to-equity ratio of 0.15. The company’s fifty day simple moving average is $13.28 and its 200-day simple moving average is $12.98.

MRC Global (NYSE:MRC) last released its quarterly earnings results on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $794.17 million. During the same quarter in the prior year, the company posted $0.32 EPS. The firm’s revenue was down 10.2% on a year-over-year basis. As a group, sell-side analysts forecast that MRC Global will post 0.85 EPS for the current fiscal year.

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.