Wells Fargo & Company MN Acquires 10,759 Shares of MRC Global Inc. (NYSE:MRC)

Wells Fargo & Company MN grew its holdings in MRC Global Inc. (NYSE:MRC) by 27.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 50,287 shares of the oil and gas company’s stock after purchasing an additional 10,759 shares during the quarter. Wells Fargo & Company MN owned about 0.06% of MRC Global worth $643,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in MRC. Huntington National Bank acquired a new position in MRC Global during the 4th quarter worth about $34,000. Meeder Asset Management Inc. bought a new position in shares of MRC Global in the fourth quarter worth about $56,000. Longboard Asset Management LP acquired a new position in shares of MRC Global during the fourth quarter worth approximately $134,000. Ieq Capital LLC bought a new stake in shares of MRC Global during the fourth quarter valued at approximately $187,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of MRC Global in the fourth quarter valued at approximately $206,000. Institutional investors own 94.97% of the company’s stock.

MRC Global Stock Performance

MRC stock opened at $12.08 on Friday. MRC Global Inc. has a twelve month low of $9.23 and a twelve month high of $15.41. 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 has a market cap of $1.04 billion, a P/E ratio of 13.89 and a beta of 1.67. The business’s fifty day moving average is $11.26 and its 200-day moving average is $12.65.

MRC Global (NYSE:MRC) last released its earnings results on Friday, March 14th. The oil and gas company reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. The firm had revenue of $736.80 million for the quarter, compared to analyst estimates of $726.90 million. MRC Global had a return on equity of 19.58% and a net margin of 3.09%. The company’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 earnings per share. Equities research analysts forecast that MRC Global Inc. will post 0.86 EPS for the current year.

MRC Global declared that its Board of Directors has initiated a share buyback plan on Friday, January 3rd that permits the company to buyback $125.00 million in shares. This buyback authorization permits the oil and gas company to reacquire up to 11% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MRC has been the topic of several research reports. Susquehanna reduced their price objective on MRC Global from $15.00 to $13.00 and set a “positive” rating on the stock in a report on Monday, April 14th. Stifel Nicolaus decreased their price target on MRC Global from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, March 17th. Loop Capital lowered their price objective on MRC Global from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Finally, StockNews.com downgraded shares of MRC Global from a “buy” rating to a “hold” rating in a research report on Monday, March 17th.

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.