Boston, MA 05/30/2013 (wallstreetpr) – The share prices of MRC Global Inc. (NYSE:MRC) had dipped by 14.13 percent to close at $28.51 per share for the end of last trading session. The shares of the company involved in distribution of pipes, valves and fittings had been trading in the range of $27.82 to $32.64 per share during the day before closing at $4.69 per share lower than the closing price of previous day.
Reduced sales expectations in pipelines
In the recent regulatory filing released by the company, MRC Global Inc. (NYSE:MRC) had reported that the sales of line pipe would be approximately $100 million below the expectations of the company in the second quarter of 2013. This decrease in sales expectations was owed to the reduction in upstream drilling activity and decline in natural gas liquid prices. Such fundamental reasons had forced MRC Global Inc. (NYSE:MRC) to spend less on natural gas and natural gas liquid pipelines.
MRC Global Inc. (NYSE:MRC) presently operates its distribution business of pipes, valves and fittings and related products through two segments – North American segment and International segment. The international segment of the pipeline distributor is expanded to Europe, Asia and Australasia regions of the world.
The 52 week high price level for the shares of MRC Global Inc. (NYSE:MRC) is at $34.14 per share and the 52 week low price level for the company is at $19.04 per share. The company presently holds 101.68 million shares outstanding with institutional ownership of 92 percent of the holdings. The average trading volume for the company is at 655,798 shares per day.
