Now Inc. (DNOW) Coverage Initiated at Cowen and Company
Cowen and Company assumed coverage on shares of Now Inc. (NYSE:DNOW) in a research note issued on Friday. The brokerage set a “market perform” rating and a $22.00 price target on the stock. Cowen and Company’s price target would suggest a potential upside of 15.55% from the stock’s previous close.
Separately, Zacks Investment Research cut shares of Now from a “hold” rating to a “sell” rating in a research note on Friday, May 27th. Four equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus target price of $18.00.
Shares of Now (NYSE:DNOW) opened at 19.04 on Friday. The firm’s market capitalization is $2.05 billion. Now has a 52 week low of $12.03 and a 52 week high of $21.73. The company has a 50-day moving average of $20.45 and a 200 day moving average of $18.64.
Now (NYSE:DNOW) last released its earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.06. The firm had revenue of $501 million for the quarter, compared to analysts’ expectations of $456.96 million. Now had a negative net margin of 23.71% and a negative return on equity of 8.92%. The company’s quarterly revenue was down 33.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.16) earnings per share. Equities research analysts anticipate that Now will post ($1.53) earnings per share for the current year.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Now by 6.5% in the second quarter. Vanguard Group Inc. now owns 7,761,152 shares of the company’s stock worth $140,787,000 after buying an additional 473,442 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Now by 49.8% in the second quarter. BlackRock Fund Advisors now owns 5,308,092 shares of the company’s stock worth $96,289,000 after buying an additional 1,764,444 shares during the last quarter. FIL Ltd boosted its stake in shares of Now by 13.4% in the second quarter. FIL Ltd now owns 4,262,024 shares of the company’s stock worth $77,313,000 after buying an additional 502,745 shares during the last quarter. State Street Corp boosted its stake in shares of Now by 22.5% in the second quarter. State Street Corp now owns 3,481,391 shares of the company’s stock worth $63,150,000 after buying an additional 638,800 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Now by 2.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,230,779 shares of the company’s stock worth $58,606,000 after buying an additional 66,361 shares during the last quarter. Institutional investors own 96.87% of the company’s stock.
NOW Inc (NOW) is a global distributor to energy and industrial markets. The Company operates primarily under the DistributionNOW and Wilson Export brands. The Company operates through three segments: United States (U.S.), Canada and International. Through its network of over 300 locations across the world, it stocks and sells an offering of energy products, as well as a selection of products for industrial applications.
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