Cowen & Co. Thinks MRC Global’s Stock is Going to Recover
In a report released today, Marc Bianchi from Cowen & Co. reiterated a Buy rating on MRC Global (MRC), with a price target of $24. The company’s shares closed on Friday at $15.73, close to its 52-week low of $14.71.
According to TipRanks.com, Bianchi has currently no stars on a ranking scale of 0-5 stars, with an average return of -14.8% and a 25.0% success rate. Bianchi covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Baker Hughes a GE company, and Diamond Offshore Drilling.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for MRC Global with a $20.83 average price target.
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Based on MRC Global’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.07 billion and net profit of $24 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.