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MRC Global (MRC) Gains As Market Dips: What You Should Know
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MRC Global (MRC - Free Report) closed the most recent trading day at $9.46, moving +1.18% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq lost 3.64%.
Prior to today's trading, shares of the energy products distributor had lost 16.22% over the past month. This has lagged the Industrial Products sector's loss of 5.06% and the S&P 500's gain of 0.07% in that time.
Wall Street will be looking for positivity from MRC Global as it approaches its next earnings report date. This is expected to be May 9, 2023. On that day, MRC Global is projected to report earnings of $0.30 per share, which would represent year-over-year growth of 76.47%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $860.6 million, up 15.98% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.58 per share and revenue of $3.75 billion, which would represent changes of +32.77% and +11.39%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for MRC Global. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 1.92% lower. MRC Global is currently a Zacks Rank #3 (Hold).
Looking at its valuation, MRC Global is holding a Forward P/E ratio of 5.93. This represents a discount compared to its industry's average Forward P/E of 12.86.
The Steel - Pipe and Tube industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 10, putting it in the top 4% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MRC in the coming trading sessions, be sure to utilize Zacks.com.
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MRC Global (MRC) Gains As Market Dips: What You Should Know
MRC Global (MRC - Free Report) closed the most recent trading day at $9.46, moving +1.18% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.16%. Elsewhere, the Dow lost 0.12%, while the tech-heavy Nasdaq lost 3.64%.
Prior to today's trading, shares of the energy products distributor had lost 16.22% over the past month. This has lagged the Industrial Products sector's loss of 5.06% and the S&P 500's gain of 0.07% in that time.
Wall Street will be looking for positivity from MRC Global as it approaches its next earnings report date. This is expected to be May 9, 2023. On that day, MRC Global is projected to report earnings of $0.30 per share, which would represent year-over-year growth of 76.47%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $860.6 million, up 15.98% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.58 per share and revenue of $3.75 billion, which would represent changes of +32.77% and +11.39%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for MRC Global. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. Within the past 30 days, our consensus EPS projection has moved 1.92% lower. MRC Global is currently a Zacks Rank #3 (Hold).
Looking at its valuation, MRC Global is holding a Forward P/E ratio of 5.93. This represents a discount compared to its industry's average Forward P/E of 12.86.
The Steel - Pipe and Tube industry is part of the Industrial Products sector. This group has a Zacks Industry Rank of 10, putting it in the top 4% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow MRC in the coming trading sessions, be sure to utilize Zacks.com.