NOW (NYSE:DNOW) Stock Rating Lowered by Zacks Investment Research


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NOW (NYSE:DNOW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports.

According to Zacks, “NOW Inc. is a distributor to the energy and industrial sectors. It stocks and sells a comprehensive offering of products for the upstream, midstream, and downstream & industrial market segments. The Company offers stock keeping units, including pipe, valves and valve automation, fittings, instrumentation, mill and industrial supplies, tools, safety supplies, electrical products, drilling and production equipment, fabricated equipment, and industrial paints and coatings. NOW also provides supply chain management solutions to energy and industrial manufacturing companies around the world. It operates primarily under the DistributionNOW and Wilson Export brands. NOW Inc. is headquartered in Houston, Texas. “

A number of other research firms have also recently issued reports on DNOW. Cowen increased their target price on NOW from $10.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, February 18th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $5.00 price objective on shares of NOW in a report on Thursday, February 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. NOW currently has a consensus rating of “Hold” and a consensus price target of $9.75.

Shares of NYSE DNOW opened at $10.18 on Monday. NOW has a 1 year low of $4.03 and a 1 year high of $11.98. The firm’s 50-day moving average is $10.05 and its 200-day moving average is $8.21. The firm has a market capitalization of $1.13 billion, a PE ratio of -2.13 and a beta of 2.14.

NOW (NYSE:DNOW) last posted its earnings results on Wednesday, February 17th. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.06). NOW had a negative return on equity of 5.78% and a negative net margin of 26.92%. The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $302.60 million. As a group, equities research analysts expect that NOW will post -0.62 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Close Asset Management Ltd raised its stake in NOW by 72.0% during the fourth quarter. Close Asset Management Ltd now owns 6,017 shares of the oil and gas company’s stock worth $43,000 after buying an additional 2,518 shares during the last quarter. Veriti Management LLC bought a new stake in NOW in the 4th quarter valued at about $44,000. Nisa Investment Advisors LLC raised its position in shares of NOW by 18.9% during the fourth quarter. Nisa Investment Advisors LLC now owns 9,445 shares of the oil and gas company’s stock worth $68,000 after purchasing an additional 1,500 shares during the period. Teacher Retirement System of Texas bought a new position in shares of NOW in the 4th quarter worth $72,000. Finally, Profund Advisors LLC acquired a new stake in shares of NOW in the 4th quarter worth about $76,000. 91.53% of the stock is currently owned by hedge funds and other institutional investors.

NOW Company Profile

NOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationally. The company offers its products under the DistributionNOW and DNOW brand names.

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