Cowen & Co. Sticks to Its Buy Rating for MRC Global (MRC)
In a report issued on October 9, Marc Bianchi from Cowen & Co. reiterated a Buy rating on MRC Global (NYSE: MRC), with a price target of $25. The company’s shares closed yesterday at $17.50.
According to TipRanks.com, Bianchi has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.1% and a 30.8% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Baker Hughes a GE company, Diamond Offshore Drilling, and Oceaneering International.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for MRC Global with a $24.50 average price target.
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Based on MRC Global’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.08 billion and net profit of $22 million. In comparison, last year the company earned revenue of $959 million and had a net profit of $3 million.
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MRC Global, Inc. is a holding company which is engaged in the distribution of pipes, valves, fittings, and related products and services to the energy industry. The company operates through the following geographical segments: U.S., Canadian, and International Operations.