NOW (NYSE:DNOW) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of NOW (NYSE:DNOW) from a sell rating to a hold rating in a research note released on Thursday morning, 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 equities research analysts have also recently commented on DNOW. Capital One Financial upgraded shares of NOW from an equal weight rating to an overweight rating and set a $16.00 price target on the stock in a report on Friday, August 2nd. ValuEngine upgraded shares of NOW from a sell rating to a hold rating in a report on Wednesday, October 2nd. Finally, Cowen restated a market perform rating and issued a $10.00 target price (down previously from $11.00) on shares of NOW in a report on Monday, August 5th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $13.25.

NYSE:DNOW opened at $11.21 on Thursday. The company’s 50 day moving average price is $11.22 and its 200-day moving average price is $12.34. NOW has a 52 week low of $10.00 and a 52 week high of $15.93. The company has a quick ratio of 1.28, a current ratio of 2.44 and a debt-to-equity ratio of 0.03. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 31.14 and a beta of 1.38.

NOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, November 6th. The oil and gas company reported $0.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.02. NOW had a net margin of 1.89% and a return on equity of 3.45%. The firm had revenue of $751.00 million for the quarter, compared to analysts’ expectations of $764.07 million. During the same quarter in the prior year, the company posted $0.15 earnings per share. The business’s revenue for the quarter was down 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that NOW will post 0.32 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Point72 Hong Kong Ltd purchased a new stake in NOW in the second quarter worth approximately $99,000. Dupont Capital Management Corp boosted its holdings in NOW by 34.5% in the second quarter. Dupont Capital Management Corp now owns 11,700 shares of the oil and gas company’s stock worth $173,000 after purchasing an additional 3,000 shares during the last quarter. CWM Advisors LLC boosted its holdings in NOW by 8.2% in the second quarter. CWM Advisors LLC now owns 12,075 shares of the oil and gas company’s stock worth $178,000 after purchasing an additional 915 shares during the last quarter. Convergence Investment Partners LLC bought a new position in NOW in the second quarter worth approximately $207,000. Finally, Bank of Montreal Can raised its position in NOW by 144.4% in the second quarter. Bank of Montreal Can now owns 14,676 shares of the oil and gas company’s stock worth $216,000 after acquiring an additional 8,670 shares during the period.

About NOW

NOW Inc distributes energy and industrial products in the United States, Canada, and internationally. It offers consumable maintenance, repair, and operating supplies; and pipes, valves, fittings, flanges, gaskets, fasteners, electrical products, instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as applied products and applications, such as artificial lift systems, coatings, and other expendable items.

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