MRC Global Inc. (NYSE:MRC) has been assigned an average recommendation of “Hold” from the fifteen brokerages that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation and six have given a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $20.67.
MRC has been the topic of several recent research reports. Cowen set a $24.00 price objective on shares of MRC Global and gave the stock a “buy” rating in a research report on Friday, October 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $19.00 price objective on shares of MRC Global in a research report on Sunday, September 3rd. Robert W. Baird reiterated a “hold” rating and issued a $21.00 price objective on shares of MRC Global in a research report on Monday, October 9th. Zacks Investment Research upgraded shares of MRC Global from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. Finally, J P Morgan Chase & Co decreased their price objective on shares of MRC Global from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 12th.
Hedge funds have recently made changes to their positions in the stock. Prudential Financial Inc. raised its stake in MRC Global by 7.4% in the 2nd quarter. Prudential Financial Inc. now owns 371,420 shares of the oil and gas company’s stock valued at $6,135,000 after purchasing an additional 25,720 shares during the last quarter. Aperio Group LLC raised its stake in MRC Global by 3.0% in the 2nd quarter. Aperio Group LLC now owns 24,078 shares of the oil and gas company’s stock valued at $398,000 after purchasing an additional 698 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in MRC Global in the 2nd quarter valued at about $17,961,000. Fox Run Management L.L.C. acquired a new position in MRC Global in the 3rd quarter valued at about $448,000. Finally, Quantbot Technologies LP raised its stake in MRC Global by 346.3% in the 2nd quarter. Quantbot Technologies LP now owns 65,592 shares of the oil and gas company’s stock valued at $1,083,000 after purchasing an additional 50,894 shares during the last quarter. 94.66% of the stock is owned by hedge funds and other institutional investors.
MRC Global declared that its Board of Directors has authorized a stock repurchase plan on Thursday, November 2nd that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.
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About MRC Global
MRC Global Inc is an industrial distributor of pipe, valves and fittings and related products and services to the energy industry. The Company’s segments include the U.S., Canada and International. Its U.S. segment includes the United States Eastern Region and Gulf Coast, and the United States Western Region.
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