Marshall Wace North America L.P. purchased a new stake in shares of NOW Inc. (NYSE:DNOW) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 110,214 shares of the oil and gas company’s stock, valued at approximately $1,874,000.
Several other large investors have also recently added to or reduced their stakes in DNOW. Elkfork Partners LLC purchased a new stake in NOW during the fourth quarter worth approximately $108,000. Ladenburg Thalmann Financial Services Inc. boosted its stake in NOW by 13.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,899 shares of the oil and gas company’s stock worth $121,000 after buying an additional 711 shares during the period. Advantus Capital Management Inc boosted its stake in NOW by 3.0% in the first quarter. Advantus Capital Management Inc now owns 13,760 shares of the oil and gas company’s stock worth $233,000 after buying an additional 403 shares during the period. Reliance Trust Co. of Delaware purchased a new stake in NOW during the first quarter worth approximately $251,000. Finally, SeaBridge Investment Advisors LLC boosted its stake in NOW by 94.9% in the first quarter. SeaBridge Investment Advisors LLC now owns 14,952 shares of the oil and gas company’s stock worth $254,000 after buying an additional 7,280 shares during the period. Institutional investors own 98.49% of the company’s stock.
NOW Inc. (NYSE:DNOW) opened at 15.43 on Tuesday. The company’s market capitalization is $1.66 billion. The company’s 50-day moving average price is $17.38 and its 200-day moving average price is $19.04. NOW Inc. has a 52 week low of $15.22 and a 52 week high of $23.53.
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 Thomson Reuters’ consensus estimate of ($0.23) by $0.08. The business had revenue of $631 million for the quarter, compared to analysts’ expectations of $605.07 million. NOW had a negative return on equity of 10.27% and a negative net margin of 8.86%. The business’s revenue for the quarter was up 15.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.35) EPS. Equities analysts forecast that NOW Inc. will post ($0.25) earnings per share for the current fiscal year.
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Several analysts have issued reports on the company. Seaport Global Securities lowered NOW from a “buy” rating to a “neutral” rating and cut their price target for the company from $22.00 to $17.00 in a report on Wednesday, June 21st. Stifel Nicolaus assumed coverage on NOW in a report on Tuesday, June 6th. They set a “buy” rating and a $21.00 price target for the company. KeyCorp reissued an “overweight” rating and set a $22.00 price target on shares of NOW in a report on Friday, May 26th. Zacks Investment Research lowered NOW from a “buy” rating to a “hold” rating in a report on Monday, May 8th. Finally, Credit Suisse Group cut 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. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. NOW currently has a consensus rating of “Buy” and a consensus target price of $20.00.
In other NOW news, Director James Crandell acquired 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The shares were purchased at an average cost of $17.53 per share, for a total transaction of $87,650.00. Following the completion of the acquisition, the director now owns 22,562 shares of the company’s stock, valued at approximately $395,511.86. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.30% of the company’s stock.
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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