NOW Inc. (NYSE:DNOW) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of NOW Inc. (NYSE:DNOW) from a hold rating to a sell rating in a research note issued to investors on Tuesday, October 17th.

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 also recently commented on DNOW. Stifel Nicolaus set a $18.00 price objective on shares of NOW and gave the stock a buy rating in a research note on Wednesday, August 2nd. Robert W. Baird restated a neutral rating and set a $15.00 price objective (down from $20.00) on shares of NOW in a research note on Monday, October 9th. Seaport Global Securities downgraded shares of NOW from a buy rating to a neutral rating and cut their target price for the company from $22.00 to $17.00 in a research note on Wednesday, June 21st. BidaskClub downgraded shares of NOW from a buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, Cowen and Company set a $14.00 target price on shares of NOW and gave the company a hold rating in a research note on Friday, October 6th. One investment 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. NOW has a consensus rating of Hold and an average target price of $16.20.

NOW (NYSE:DNOW) traded up $0.67 on Tuesday, hitting $11.42. 1,862,655 shares of the company were exchanged, compared to its average volume of 1,606,359. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.72 and a quick ratio of 1.39.

NOW (NYSE:DNOW) last announced its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.01. The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $701.29 million. NOW had a negative net margin of 4.77% and a negative return on equity of 5.17%. The company’s revenue for the quarter was up 34.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.34) EPS. research analysts expect that NOW will post -0.31 earnings per share for the current year.

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Several large investors have recently modified their holdings of the company. Shell Asset Management Co. bought a new position in NOW during the third quarter worth $137,000. Bank of Montreal Can increased its stake 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 valued at $112,000 after purchasing an additional 3,940 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in NOW in the first quarter valued at $127,000. Riverhead Capital Management LLC increased its position in shares of NOW by 70.0% during the second quarter. Riverhead Capital Management LLC now owns 7,990 shares of the oil and gas company’s stock worth $128,000 after acquiring an additional 3,290 shares in the last quarter. Finally, 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 purchasing an additional 1,420 shares during the period. Institutional investors own 96.71% of the company’s stock.

About NOW

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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