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Weitz Funds Comments on MRC Global

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November 16, 2015 | About:

MRC Global (NYSE:MRC) is a distributor of pipes, valves, fittings and related products to the upstream, midstream and downstream energy industries. A glut of global oil supply, growing demand uncertainty and a more discerning credit market have resulted in continued declines in oil field activity levels and fears of delays in larger pipeline and petrochemical projects. In August, MRC management sounded a more cautious tone about the possibility of a pickup in demand during 2016. Despite a challenging near-term outlook, we believe MRC’s competitive position in the industry continues to improve and that its earnings and cash flows will be significantly higher when activity levels return to more normal levels.

From Weitz Funds' Balanced Fund third quarter 2015 commentary.

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