Seaport Global Securities downgraded shares of NOW Inc. (NYSE:DNOW) from a buy rating to a neutral rating in a report published on Wednesday morning, MarketBeat reports. The firm currently has $17.00 price objective on the oil and gas company’s stock, down from their prior price objective of $22.00.
Several other analysts have also recently commented on the stock. Cowen and Company lowered their target price 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. Zacks Investment Research raised shares of NOW from a hold rating to a buy rating and set a $19.00 target price for the company in a research note on Tuesday, April 18th. Robert W. Baird raised shares of NOW from a neutral rating to an outperform rating and lifted their target price for the stock from $20.00 to $22.00 in a research note on Wednesday, April 26th. Stephens raised shares of NOW from an equal weight rating to an overweight rating and lowered their target price for the stock from $24.00 to $23.00 in a research note on Thursday, May 4th. Finally, Credit Suisse Group lowered their target price on shares of NOW from $20.00 to $19.00 and set a neutral rating for the company in a research note on Friday, May 5th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $20.00.
NOW (NYSE DNOW) traded up 0.20% during midday trading on Wednesday, hitting $15.41. The stock had a trading volume of 144,307 shares. NOW has a 12-month low of $15.25 and a 12-month high of $23.53. The stock has a 50-day moving average price of $17.38 and a 200 day moving average price of $19.04. The firm’s market cap is $1.66 billion.
NOW (NYSE:DNOW) last issued its quarterly earnings data on Wednesday, May 3rd. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm 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 firm posted ($0.35) EPS. The company’s quarterly revenue was up 15.1% compared to the same quarter last year. On average, equities analysts anticipate 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 the stock in a transaction on Thursday, May 25th. The stock was purchased at an average cost of $17.53 per share, with a total value of $87,650.00. Following the purchase, the director now owns 22,562 shares of the company’s stock, valued at $395,511.86. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.30% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in DNOW. Clearbridge Investments LLC boosted its stake in shares of 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. Tudor Investment Corp ET AL bought a new stake in shares of NOW during the first quarter valued at about $293,000. Metropolitan Life Insurance Co. NY boosted its stake in shares of NOW by 0.7% in the first quarter. Metropolitan Life Insurance Co. NY now owns 170,199 shares of the oil and gas company’s stock valued at $2,887,000 after buying an additional 1,219 shares in the last quarter. State Street Corp boosted its stake in shares of NOW by 1.7% in the first quarter. State Street Corp now owns 3,468,501 shares of the oil and gas company’s stock valued at $58,823,000 after buying an additional 59,238 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of NOW by 24.1% in the first quarter. Bank of America Corp DE now owns 970,786 shares of the oil and gas company’s stock valued at $16,465,000 after buying an additional 188,665 shares in the last quarter. 98.49% of the stock is owned by institutional investors.
NOW Company Profile
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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