MRC Global Inc. (NYSE:MRC) has formed an important area of support. The stock hit that support last week and might now be making another run at that line. If the stock falls through the support, a breakdown could occur. Read more to learn how to take advantage of this trading opportunity.MRC Global Inc. (MRC) distributes pipes, valves, fittings, and related products and services to the energy industry. Products are often used in the construction, maintenance, repair, and overhaul of equipment used in extreme operating conditions.
MRC is benefiting from a strong presence across several end markets. Last year, MRC renewed several multiple-year contracts and was able to secure new contracts. Right now, its focus is on expanding market share, which should drive performance in the long run.
While the company only had $63 million in cash as of the most recent quarter, this compares favorably with short-term debt of only $1 million. However, the company’s net profit margin is 0%. In terms of growth, sales are down 20.8% over the past year, but analysts forecast revenues to rise 22.1% year over year in the current quarter.