Zacks Investment Research lowered shares of NOW Inc. (NYSE:DNOW) from a hold rating to a sell rating in a research report report published on Monday, July 17th.
According to Zacks, “NOW Inc. is a distributor to the energy and industrial sectors. It stocks and sells a comprehensive offering of products for the upstream, midstream, and downstream & industrial market segments. The Company offers stock keeping units, including pipe, valves and valve automation, fittings, instrumentation, mill and industrial supplies, tools, safety supplies, electrical products, drilling and production equipment, fabricated equipment, and industrial paints and coatings. NOW also provides supply chain management solutions to energy and industrial manufacturing companies around the world. It operates primarily under the DistributionNOW and Wilson Export brands. NOW Inc. is headquartered in Houston, Texas. “
A number of other equities research analysts also recently weighed in on DNOW. Cowen and Company lowered their price target on NOW from $22.00 to $19.00 and set a market perform rating for the company in a report on Tuesday, April 11th. Robert W. Baird upgraded NOW from a neutral rating to an outperform rating and boosted their price target for the company from $20.00 to $22.00 in a report on Wednesday, April 26th. Seaport Global Securities upgraded NOW from a neutral rating to a buy rating and boosted their price target for the company from $20.00 to $22.00 in a report on Thursday, May 4th. Stephens upgraded NOW from an equal weight rating to an overweight rating and lowered their price target for the company from $24.00 to $23.00 in a report on Thursday, May 4th. Finally, Credit Suisse Group lowered their price target on NOW from $20.00 to $19.00 and set a neutral rating for the company in a report on Friday, May 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $20.00.
Shares of NOW (DNOW) traded down 0.31% during trading on Monday, hitting $16.05. 897,601 shares of the stock were exchanged. NOW has a one year low of $14.96 and a one year high of $23.53. The stock’s 50 day moving average price is $16.20 and its 200 day moving average price is $17.94. The stock’s market cap is $1.73 billion.
NOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.15) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.08. NOW had a negative return on equity of 10.27% and a negative net margin of 8.86%. The business had revenue of $631 million during the quarter, compared to the consensus estimate of $605.07 million. During the same period in the previous year, the business earned ($0.35) EPS. The business’s quarterly revenue was up 15.1% on a year-over-year basis. Equities research analysts predict that NOW will post ($0.25) EPS for the current year.
In related news, Director James Crandell acquired 5,000 shares of the stock in a transaction that occurred on Thursday, May 25th. The stock was purchased at an average cost of $17.53 per share, for a total transaction of $87,650.00. Following the purchase, the director now directly owns 22,562 shares in the company, valued at $395,511.86. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.30% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in DNOW. BlackRock Inc. raised its position in shares of NOW by 16,819.9% in the first quarter. BlackRock Inc. now owns 11,399,636 shares of the oil and gas company’s stock worth $193,337,000 after buying an additional 11,332,262 shares during the period. Norges Bank acquired a new position in shares of NOW during the fourth quarter worth about $26,165,000. Dimensional Fund Advisors LP raised its position in shares of NOW by 30.9% in the first quarter. Dimensional Fund Advisors LP now owns 3,162,033 shares of the oil and gas company’s stock worth $53,626,000 after buying an additional 745,677 shares during the period. Vanguard Group Inc. raised its position in shares of NOW by 9.2% in the first quarter. Vanguard Group Inc. now owns 8,787,117 shares of the oil and gas company’s stock worth $149,030,000 after buying an additional 739,256 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of NOW by 98.2% in the first quarter. JPMorgan Chase & Co. now owns 1,434,114 shares of the oil and gas company’s stock worth $24,323,000 after buying an additional 710,500 shares during the period. Institutional investors own 98.90% of the company’s stock.
About NOW
NOW Inc (NOW) is a global distributor to the oil and gas and industrial markets. The Company operates under the DistributionNOW and Wilson Export brands. Its segments include the United States, Canada and International. As of December 31, 2016, its segments, the United States, Canada and International, had over 200, 55 and 35 locations, respectively.
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