NOW Inc. (NYSE:DNOW) Stake Raised by First Manhattan Co.
First Manhattan Co. increased its position in NOW Inc. (NYSE:DNOW) by 0.0% during the second quarter, Holdings Channel reports. The institutional investor owned 8,782 shares of the oil and gas company’s stock after buying an additional 1 shares during the period. First Manhattan Co.’s holdings in NOW were worth $141,000 as of its most recent filing with the SEC.
Several other institutional investors also recently bought and sold shares of DNOW. Bank of Montreal Can raised its position in NOW by 130.2% in the second quarter. Bank of Montreal Can now owns 6,966 shares of the oil and gas company’s stock worth $112,000 after buying an additional 3,940 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in NOW during the first quarter worth approximately $127,000. LS Investment Advisors LLC raised its position in NOW by 18.9% in the second quarter. LS Investment Advisors LLC now owns 8,916 shares of the oil and gas company’s stock worth $143,000 after buying an additional 1,420 shares in the last quarter. ING Groep NV bought a new position in NOW during the second quarter worth approximately $211,000. Finally, Cambridge Investment Research Advisors Inc. raised its position in NOW by 10.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,717 shares of the oil and gas company’s stock worth $216,000 after buying an additional 1,219 shares in the last quarter. 99.09% of the stock is currently owned by institutional investors.
NOW Inc. (NYSE:DNOW) opened at 12.17 on Friday. NOW Inc. has a 52 week low of $12.05 and a 52 week high of $23.53. The firm’s market capitalization is $1.31 billion. The firm has a 50-day moving average price of $15.20 and a 200 day moving average price of $17.40.
NOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.10). NOW had a negative return on equity of 7.83% and a negative net margin of 7.14%. The business had revenue of $651 million for the quarter, compared to analyst estimates of $674.97 million. During the same period last year, the company earned ($0.40) EPS. NOW’s revenue for the quarter was up 29.9% compared to the same quarter last year. On average, equities research analysts forecast that NOW Inc. will post ($0.24) earnings per share for the current fiscal year.
DNOW has been the topic of a number of recent analyst reports. Stifel Nicolaus reaffirmed a “buy” rating on shares of NOW in a research note on Friday, July 14th. Zacks Investment Research raised NOW from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research note on Tuesday, April 18th. Seaport Global Securities raised NOW from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $20.00 to $22.00 in a research note on Thursday, May 4th. BidaskClub lowered NOW from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Finally, Credit Suisse Group set a $15.00 price objective on NOW and gave the stock a “hold” rating in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $19.30.
In related news, Director James Crandell purchased 5,000 shares of NOW stock in a transaction that occurred on Thursday, May 25th. The shares were acquired at an average cost of $17.53 per share, for a total transaction of $87,650.00. Following the transaction, the director now directly owns 22,562 shares in the company, valued at $395,511.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is owned by company insiders.
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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