BidaskClub Downgrades NOW Inc. (DNOW) to Hold

NOW Inc. (NYSE:DNOW) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Tuesday.

Several other brokerages have also commented on DNOW. Seaport Global Securities lowered shares of NOW from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $22.00 to $17.00 in a report on Wednesday, June 21st. Zacks Investment Research lowered shares of NOW from a “buy” rating to a “hold” rating in a report on Monday, May 8th. Stifel Nicolaus restated a “buy” rating on shares of NOW in a report on Friday, July 14th. Credit Suisse Group decreased their price objective on shares of NOW from $20.00 to $19.00 and set a “neutral” rating for the company in a report on Friday, May 5th. Finally, Stephens upgraded shares of NOW from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $24.00 to $23.00 in a report on Thursday, May 4th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $20.00.

NOW (NYSE:DNOW) traded down 0.43% during midday trading on Tuesday, reaching $16.05. 509,727 shares of the company’s stock traded hands. The company’s 50-day moving average price is $16.24 and its 200-day moving average price is $17.98. NOW has a 52-week low of $14.96 and a 52-week high of $23.53. The stock’s market cap is $1.73 billion.

NOW (NYSE:DNOW) last issued its quarterly earnings data on Wednesday, May 3rd. The oil and gas company reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.23) by $0.08. NOW had a negative net margin of 8.86% and a negative return on equity of 10.27%. The business had revenue of $631 million during the quarter, compared to analyst estimates of $605.07 million. During the same period in the prior year, the business earned ($0.35) EPS. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. On average, equities analysts predict that NOW will post ($0.25) EPS for the current fiscal year.

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In other NOW news, Director James Crandell purchased 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 25th. The stock was bought at an average cost of $17.53 per share, for a total transaction of $87,650.00. Following the purchase, the director now directly owns 22,562 shares in the company, valued at $395,511.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.30% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of DNOW. Bank of Montreal Can raised its position in shares of 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 valued at $112,000 after buying an additional 3,940 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in shares of NOW by 13.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 5,899 shares of the oil and gas company’s stock valued at $121,000 after buying an additional 711 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new position in shares of NOW during the first quarter valued at about $127,000. LS Investment Advisors LLC raised its position in shares of 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 valued at $143,000 after buying an additional 1,420 shares during the last quarter. Finally, ING Groep NV acquired a new position in shares of NOW during the second quarter valued at about $211,000. Institutional investors own 98.90% of the company’s stock.

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.

Analyst Recommendations for NOW (NYSE:DNOW)

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