MRC Global (MRC) Dips More Than Broader Markets: What You Should Know
In the latest trading session, MRC Global (MRC) closed at $13.10, marking a -1.58% move from the previous day. This change lagged the S&P 500's daily loss of 0.88%. Elsewhere, the Dow lost 0.73%, while the tech-heavy Nasdaq lost 4.59%.
Coming into today, shares of the energy products distributor had gained 10.46% in the past month. In that same time, the Industrial Products sector gained 3.63%, while the S&P 500 gained 5.83%.
Wall Street will be looking for positivity from MRC Global as it approaches its next earnings report date. This is expected to be February 13, 2023. On that day, MRC Global is projected to report earnings of $0.28 per share, which would represent year-over-year growth of 64.71%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $872.18 million, up 27.14% from the year-ago period.
Any recent changes to analyst estimates for MRC Global should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.16% higher within the past month. MRC Global currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, MRC Global is holding a Forward P/E ratio of 8.28. Its industry sports an average Forward P/E of 14.31, so we one might conclude that MRC Global is trading at a discount comparatively.
The Steel - Pipe and Tube industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 4, putting it in the top 2% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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MRC Global Inc. (MRC) : Free Stock Analysis Report
