Wells Fargo & Company MN cut its stake in shares of NOW Inc. (NYSE:DNOW) by 12.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 788,909 shares of the oil and gas company’s stock after selling 107,476 shares during the period. Wells Fargo & Company MN owned 0.73% of NOW worth $13,380,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Advisors LLC raised its position in NOW by 9.0% in the third quarter. BlackRock Advisors LLC now owns 55,446 shares of the oil and gas company’s stock worth $1,188,000 after buying an additional 4,561 shares in the last quarter. Asset Management Advisors LLC raised its stake in shares of NOW by 0.9% in the third quarter. Asset Management Advisors LLC now owns 171,450 shares of the oil and gas company’s stock worth $3,674,000 after buying an additional 1,450 shares during the period. Northern Trust Corp raised its stake in shares of NOW by 1.1% in the third quarter. Northern Trust Corp now owns 1,629,688 shares of the oil and gas company’s stock worth $34,925,000 after buying an additional 17,087 shares during the period. ETRADE Capital Management LLC bought a new stake in shares of NOW during the third quarter worth about $201,000. Finally, Russell Investments Group Ltd. acquired a new stake in NOW during the fourth quarter valued at about $7,499,000. Institutional investors and hedge funds own 99.01% of the company’s stock.
NOW Inc. (NYSE DNOW) traded up 1.04% during trading on Monday, reaching $17.41. 1,330,572 shares of the company’s stock traded hands. The stock’s market cap is $1.87 billion. NOW Inc. has a 52-week low of $15.47 and a 52-week high of $23.53. The company’s 50 day moving average is $17.37 and its 200-day moving average is $19.13.
NOW (NYSE:DNOW) last announced its quarterly earnings data on Wednesday, May 3rd. The oil and gas company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.08. The business had revenue of $631 million during the quarter, compared to analyst estimates of $605.07 million. NOW had a negative return on equity of 10.27% and a negative net margin of 8.86%. The company’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.35) earnings per share. On average, analysts anticipate that NOW Inc. will post ($0.23) earnings per share for the current fiscal year.
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DNOW has been the topic of several research reports. Zacks Investment Research downgraded shares of NOW from a “buy” rating to a “hold” rating in a report on Monday, February 20th. Cowen and Company reduced their price target on shares of NOW from $22.00 to $19.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 11th. Credit Suisse Group dropped their price target on shares of NOW from $20.00 to $19.00 and set a “neutral” rating for the company in a research note on Friday, May 5th. Stifel Nicolaus started coverage on shares of NOW in a research note on Tuesday, June 6th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Stephens raised shares of NOW from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $24.00 to $23.00 in a research report on Thursday, May 4th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $20.50.
In other news, Director James Crandell acquired 5,000 shares of the stock in a transaction on Thursday, May 25th. The stock was acquired at an average price of $17.53 per share, with a total value of $87,650.00. Following the completion of the transaction, the director now owns 22,562 shares of the company’s stock, valued at approximately $395,511.86. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 3.30% of the company’s stock.
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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