NOW Inc (DNOW) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of NOW Inc (NYSE:DNOW) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $19.00 price objective on the oil and gas company’s stock.

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. “

Several other research analysts have also commented on the stock. Cowen and Company dropped 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 note on Tuesday, April 11th. Susquehanna Bancshares Inc raised shares of NOW from a neutral rating to a positive rating and lifted their price objective for the stock from $19.00 to $24.00 in a research note on Tuesday, January 10th. Finally, Credit Suisse Group AG reaffirmed a hold rating and set a $20.00 price objective on shares of NOW in a research note on Friday, February 17th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average price target of $19.20.

NOW (NYSE:DNOW) traded down 0.74% during trading on Tuesday, reaching $16.06. 209,495 shares of the company’s stock were exchanged. The company’s market cap is $1.73 billion. NOW has a 12-month low of $15.47 and a 12-month high of $23.53. The stock’s 50-day moving average is $17.06 and its 200-day moving average is $20.13.

NOW (NYSE:DNOW) last posted its earnings results on Wednesday, February 15th. The oil and gas company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.07. NOW had a negative net margin of 18.62% and a negative return on equity of 10.87%. The firm earned $538 million during the quarter, compared to analyst estimates of $539.83 million. During the same period last year, the firm posted ($0.25) earnings per share. NOW’s revenue for the quarter was down 16.5% compared to the same quarter last year. Analysts predict that NOW will post ($0.41) EPS for the current fiscal year.

ILLEGAL ACTIVITY WARNING: This piece was originally published by sleekmoney and is the property of of sleekmoney. If you are viewing this piece on another publication, it was illegally copied and republished in violation of international copyright law. The legal version of this piece can be viewed at http://sleekmoney.com/now-inc-dnow-raised-to-buy-at-zacks-investment-research/1752688.html.

In related news, Director Rodney W. Eads bought 5,264 shares of the stock in a transaction dated Tuesday, March 7th. The stock was purchased at an average cost of $18.99 per share, with a total value of $99,963.36. Following the completion of the purchase, the director now owns 21,046 shares of the company’s stock, valued at $399,663.54. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 3.30% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. QV Investors Inc. raised its stake in shares of NOW by 0.9% in the third quarter. QV Investors Inc. now owns 1,075,724 shares of the oil and gas company’s stock worth $23,053,000 after buying an additional 9,161 shares in the last quarter. Chicago Equity Partners LLC bought a new stake in shares of NOW during the third quarter worth about $727,000. Clarkston Capital Partners LLC raised its stake in shares of NOW by 2.4% in the third quarter. Clarkston Capital Partners LLC now owns 2,716,589 shares of the oil and gas company’s stock worth $58,217,000 after buying an additional 63,410 shares in the last quarter. First Trust Advisors LP raised its stake in shares of NOW by 0.3% in the third quarter. First Trust Advisors LP now owns 56,495 shares of the oil and gas company’s stock worth $1,211,000 after buying an additional 193 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of NOW by 0.8% in the third quarter. Bank of New York Mellon Corp now owns 1,798,248 shares of the oil and gas company’s stock worth $38,537,000 after buying an additional 13,683 shares in the last quarter.

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.

5 Day Chart for NYSE:DNOW

Get a free copy of the Zacks research report on NOW (DNOW)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/now-inc-dnow-raised-to-buy-at-zacks-investment-research/1752688.html

Receive News & Ratings for NOW Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOW Inc and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *