MRC Global price target raised to $15 from $14 at Stifel

Stifel raised the firm’s price target on MRC Global to $15 from $14 and keeps a Buy rating on the shares. The firm notes the company announced that it has agreed to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock for $361M. MRC expects to finance the repurchase with a new senior secured term loan B of $350M, and the company is pursuing an amendment to its ABL facility that would extend its term until 2029. MRC also reported preliminary Q3 results for revenue of $797M, adjusted EBITDA of $48M, and CFO of $95M, Stifel adds.