NOW Inc. (NYSE:DNOW) Downgraded by Citigroup Inc. to Neutral

Citigroup Inc. cut shares of NOW Inc. (NYSE:DNOW) from a positive rating to a neutral rating in a research note issued to investors on Thursday, November 2nd, The Fly reports. Citigroup Inc. currently has $11.00 target price on the oil and gas company’s stock, down from their prior target price of $19.00. The analysts noted that the move was a valuation call.

A number of other research analysts have also recently issued reports on the stock. Stifel Nicolaus reissued a buy rating and set a $18.00 price target on shares of NOW in a research report on Thursday, September 7th. Zacks Investment Research cut shares of NOW from a hold rating to a sell rating in a research report on Monday, July 17th. Robert W. Baird cut shares of NOW from an outperform rating to a neutral rating and lowered their price target for the company from $20.00 to $15.00 in a research report on Friday, October 13th. BidaskClub cut shares of NOW from a buy rating to a hold rating in a research report on Saturday, October 7th. Finally, Credit Suisse Group set a $15.00 price objective on shares of NOW and gave the company a hold rating in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $16.20.

Shares of NOW (NYSE:DNOW) opened at $10.47 on Thursday. NOW has a 12-month low of $9.75 and a 12-month high of $23.53. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.39 and a current ratio of 2.72.

NOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. NOW had a negative net margin of 1.29% and a negative return on equity of 3.06%. The company had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $701.29 million. During the same period last year, the company posted ($0.34) EPS. NOW’s revenue was up 34.0% on a year-over-year basis. equities research analysts expect that NOW will post -0.34 EPS for the current fiscal year.

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Several hedge funds have recently made changes to their positions in the company. Amalgamated Bank grew its stake in shares of NOW by 0.7% in the second quarter. Amalgamated Bank now owns 15,153 shares of the oil and gas company’s stock worth $244,000 after acquiring an additional 105 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of NOW by 0.7% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,765 shares of the oil and gas company’s stock worth $270,000 after acquiring an additional 115 shares during the period. Meeder Asset Management Inc. grew its stake in shares of NOW by 0.6% in the second quarter. Meeder Asset Management Inc. now owns 37,569 shares of the oil and gas company’s stock worth $604,000 after acquiring an additional 208 shares during the period. Neuberger Berman Group LLC grew its stake in shares of NOW by 1.4% in the second quarter. Neuberger Berman Group LLC now owns 29,396 shares of the oil and gas company’s stock worth $473,000 after acquiring an additional 413 shares during the period. Finally, Global Endowment Management LP grew its stake in shares of NOW by 5.7% in the second quarter. Global Endowment Management LP now owns 11,180 shares of the oil and gas company’s stock worth $180,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 96.71% 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.

The Fly

Analyst Recommendations for NOW (NYSE:DNOW)

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