Employees Retirement System of Texas Has $7.40 Million Stake in NOW Inc. (DNOW)
Employees Retirement System of Texas lowered its position in shares of NOW Inc. (NYSE:DNOW) by 9.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 460,000 shares of the oil and gas company’s stock after selling 48,000 shares during the quarter. Employees Retirement System of Texas owned 0.43% of NOW worth $7,397,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can raised its position in NOW by 130.2% during the second quarter. Bank of Montreal Can now owns 6,966 shares of the oil and gas company’s stock valued at $112,000 after buying an additional 3,940 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in NOW in the 1st quarter worth about $127,000. Riverhead Capital Management LLC lifted its stake in NOW by 70.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,990 shares of the oil and gas company’s stock worth $128,000 after acquiring an additional 3,290 shares in the last quarter. LS Investment Advisors LLC lifted its stake in NOW by 18.9% in the 2nd quarter. LS Investment Advisors LLC now owns 8,916 shares of the oil and gas company’s stock worth $143,000 after acquiring an additional 1,420 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in NOW in the 2nd quarter worth about $170,000. Institutional investors and hedge funds own 99.97% of the company’s stock.
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DNOW has been the subject of a number of research reports. Stifel Nicolaus set a $18.00 target price on NOW and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Seaport Global Securities downgraded NOW from a “buy” rating to a “neutral” rating and dropped their target price for the company from $22.00 to $17.00 in a report on Wednesday, June 21st. Zacks Investment Research raised shares of NOW from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. BidaskClub lowered shares of NOW from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Finally, Credit Suisse Group set a $15.00 price target on shares of NOW and gave the stock a “hold” rating in a report on Friday, August 4th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $19.10.
Shares of NOW Inc. (DNOW) traded up 0.43% on Tuesday, reaching $13.89. The company’s stock had a trading volume of 106,896 shares. The company’s 50 day moving average is $12.40 and its 200-day moving average is $15.40. NOW Inc. has a 1-year low of $11.31 and a 1-year high of $23.53. The stock’s market cap is $1.50 billion.
NOW (NYSE:DNOW) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.10). NOW had a negative net margin of 7.14% and a negative return on equity of 7.83%. The company had revenue of $651.00 million during the quarter, compared to the consensus estimate of $674.97 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. The firm’s revenue was up 29.9% compared to the same quarter last year. On average, equities analysts predict that NOW Inc. will post ($0.25) earnings per share for the current fiscal year.
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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