NOW Inc. (NYSE:DNOW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Monday.
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. “
Other equities analysts have also issued research reports about the stock. Seaport Global Securities upgraded shares of NOW from a “neutral” rating to a “buy” rating and upped their target price for the stock from $20.00 to $22.00 in a research report on Thursday, May 4th. Stifel Nicolaus started coverage on shares of NOW in a research report on Tuesday, June 6th. They set a “buy” rating and a $21.00 price objective for the company. Cowen and Company lowered their price objective on shares of NOW from $22.00 to $19.00 and set a “market perform” rating for the company in a research report on Tuesday, April 11th. Credit Suisse Group lowered their price objective on shares of NOW from $20.00 to $19.00 and set a “neutral” rating for the company in a research report on Monday, May 15th. Finally, Robert W. Baird upgraded shares of NOW from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $20.00 to $22.00 in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $20.00.
NOW (NYSE:DNOW) traded up 0.50% during mid-day trading on Monday, hitting $16.08. 1,391,107 shares of the stock traded hands. The company’s market cap is $1.73 billion. NOW has a 12 month low of $14.96 and a 12 month high of $23.53. The company’s 50 day moving average is $16.98 and its 200 day moving average is $18.71.
NOW (NYSE:DNOW) last issued its earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.08. NOW had a negative net margin of 8.86% and a negative return on equity of 10.27%. The firm had revenue of $631 million during the quarter, compared to analyst estimates of $605.07 million. During the same quarter in the prior year, the business earned ($0.35) earnings per share. NOW’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, analysts expect that NOW will post ($0.25) earnings per share for the current fiscal year.
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In other news, Director James Crandell bought 5,000 shares of NOW stock in a transaction dated Thursday, May 25th. The shares were acquired at an average price of $17.53 per share, with a total value of $87,650.00. Following the completion of the purchase, the director now owns 22,562 shares in the company, valued at approximately $395,511.86. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.30% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in 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 valued at $193,337,000 after buying an additional 11,332,262 shares in the last quarter. Vanguard Group Inc. increased its position in 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 valued at $149,030,000 after buying an additional 739,256 shares in the last quarter. First Eagle Investment Management LLC increased its position in NOW by 0.8% in the first quarter. First Eagle Investment Management LLC now owns 7,744,218 shares of the oil and gas company’s stock valued at $131,342,000 after buying an additional 63,267 shares in the last quarter. Clearbridge Investments LLC increased its position in NOW by 7.4% in the first quarter. Clearbridge Investments LLC now owns 6,990,717 shares of the oil and gas company’s stock valued at $118,563,000 after buying an additional 482,245 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in NOW by 19.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,596,784 shares of the oil and gas company’s stock valued at $61,002,000 after buying an additional 578,414 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors.
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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