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

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. StockNews.com downgraded MRC Global from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 9th. Susquehanna upped their target price on shares of MRC Global from $16.00 to $17.00 and gave the company a “positive” rating in a report on Thursday, November 7th. Finally, Stifel Nicolaus lifted their price target on shares of MRC Global from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th.

MRC Global Trading Up 4.8 %

NYSE MRC traded up $0.61 on Friday, hitting $13.30. 684,349 shares of the stock were exchanged, compared to its average volume of 609,524. The stock has a fifty day moving average price of $13.26 and a two-hundred day moving average price of $12.97. The firm has a market capitalization of $1.13 billion, a P/E ratio of 15.29 and a beta of 1.97. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.11 and a current ratio of 1.99. MRC Global has a 52-week low of $9.77 and a 52-week high of $14.91.

MRC Global (NYSE:MRC) last released its quarterly earnings data on Tuesday, November 5th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. The company had revenue of $797.00 million during the quarter, compared to analysts’ expectations of $794.17 million. MRC Global had a net margin of 3.09% and a return on equity of 19.58%. The firm’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 EPS. Research 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.