Yahoo Finance MRC Global (MRC) Clinches PVF Contract From PBF Energy
MRC Global Inc. MRC recently secured a contract from PBF Energy Inc. PBF for the delivery of pipe, valves and fittings (PVF) products. Financial terms of the contract were not disclosed by the parties involved.
MRC Global’s share price increased 5.7% on the last trading day, eventually closing the session at $11.2.
Behind the Headlines
Per the deal, MRC Global will be responsible for providing pipe, valves and fittings (PVF) products to PBF Energy’s subsidiary Chalmette Refinery’s Renewable Diesel Project in St. Bernard Parish, LA. A pretreatment unit will also be installed at the renewable diesel plant. Renewable materials like corn oil and soybean, and other bio-based fats and oils will be converted into feedstocks using the pretreatment unit.
It is worth noting that the plant will likely become operational in the first half of 2023 and be capable of producing an output of 20,000 barrels of renewable fuel per day. This contract is built on the long-term collaboration between MRC Global and PBF Energy. MRC also offers its products and services to six other refineries of PBF Energy.
Zacks Rank, Price Performance and Earnings Estimate Trend
MRC Global, with a $934.2-million market capitalization, currently carries a Zacks Rank #3 (Hold). MRC stands to benefit from its diversified business and shareholder-friendly policies. Its business in the gas utility sector is witnessing strength, supported by an increasing customer activity. It is likely to become more competent on lucrative contract wins and projects.
Image Source: Zacks Investment Research
Shares of MRC Global have lost 10.8% compared with the 21.6% decline of its industry in the past three months.
The Zacks Consensus Estimate for second-quarter 2022 earnings has decreased 4.3% to 22 cents in the past 30 days. Also, earnings estimates for 2022 have moved 1.3% south to 77 cents during the same period.
Zacks Rank & Stocks to Consider
Two better-ranked companies from the industrial products sector are discussed below:
Applied Industrial Technologies, Inc. AIT presently sports a Zacks Rank #1. AIT delivered a trailing four-quarter earnings surprise of 25.4%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
AIT’s earnings estimates have increased 5.9% for fiscal 2022 (ending June 2022) in the past 30 days. Its shares have risen 0.1% in the past three months.
Roper Technologies, Inc. ROP presently has a Zacks Rank #2 (Buy). ROP’s earnings surprise in the last four quarters was 2%, on average.
In the past 30 days, ROP’s earnings estimates have increased 1.1% for 2022. The stock has declined 3.5% in the past three months.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Roper Technologies, Inc. (ROP) : Free Stock Analysis Report
Applied Industrial Technologies, Inc. (AIT) : Free Stock Analysis Report
MRC Global Inc. (MRC) : Free Stock Analysis Report
PBF Energy Inc. (PBF) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
