MRC Global (MRC) Issued Healthy 2024 Earnings Guidance
Alluvial Capital Management, an investment advisory firm, released its first-quarter 2024 investor letter. A copy of the same can be downloaded here. Alluvial Fund rose 6.3% in Q1, outperforming comparable indexes which were up between 4.3% and 5.2%. The overall increase was comprehensive, as multiple assets in the portfolio made significant contributions. In addition, you can check the top 5 holdings of the fund to know its best picks in 2024.
Alluvial Capital Management featured stocks like MRC Global Inc. (NYSE:MRC) in the first quarter 2024 investor letter. Headquartered in Houston, Texas, MRC Global Inc. (NYSE:MRC) distributes pipes, valves, fittings, and other infrastructure products and services. On May 3, 2024, MRC Global Inc. (NYSE:MRC) stock closed at $11.51 per share. One-month return of MRC Global Inc. (NYSE:MRC) was -8.36%, and its shares gained 29.91% of their value over the last 52 weeks. MRC Global Inc. (NYSE:MRC) has a market capitalization of $980.729 million.
Alluvial Capital Management stated the following regarding MRC Global Inc. (NYSE:MRC) in its first quarter 2024 investor letter:
"MRC Global Inc. (NYSE:MRC), our equipment distributor to oil and gas drillers and gas utilities, also had good news for us. The company issued healthy 2024 earnings guidance and revealed a plan to pay off its term loan with a combination of cash flow and a draw on its asset-backed loan facility. The market responded positively, but shares still change hands at just five times 2024 operating cash flow. MRC has also announced it will provide activist hedge fund Engine Capital with a board seat. I welcome the additional oversight that Engine will provide. There is no word on progress toward resolving the situation with the unhappy holder of MRC Global’s convertible preferred shares, but a resolution could come at any time and would serve as a positive catalyst for MRC shares."
A technician working on a valve inside a natural gas facility.
MRC Global Inc. (NYSE:MRC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 29 hedge fund portfolios held MRC Global Inc. (NYSE:MRC) at the end of the fourth quarter which was 20 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
