NOW (NYSE:DNOW) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of NOW (NYSE:DNOW) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. They currently have $11.00 price target on the oil and gas company’s stock.

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. “

Separately, JPMorgan Chase & Co. reiterated an underweight rating and set a $5.00 price objective on shares of NOW in a research note on Thursday, February 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. NOW has a consensus rating of Hold and an average price target of $9.75.

Shares of DNOW opened at $10.25 on Tuesday. The stock’s 50-day moving average price is $10.48. NOW has a one year low of $4.03 and a one year high of $11.98. The firm has a market cap of $1.13 billion, a PE ratio of -10.68 and a beta of 2.09.

NOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, May 5th. The oil and gas company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.10. NOW had a negative return on equity of 9.48% and a negative net margin of 7.70%. The company had revenue of $361.00 million during the quarter, compared to analysts’ expectations of $336.37 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. The firm’s revenue was down 40.2% compared to the same quarter last year. As a group, research analysts forecast that NOW will post -0.02 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DNOW. Coldstream Capital Management Inc. purchased a new position in shares of NOW in the 1st quarter valued at about $101,000. Principal Financial Group Inc. increased its stake in shares of NOW by 1.9% in the 1st quarter. Principal Financial Group Inc. now owns 767,004 shares of the oil and gas company’s stock valued at $7,739,000 after purchasing an additional 14,559 shares in the last quarter. Paloma Partners Management Co increased its stake in shares of NOW by 7.5% in the 1st quarter. Paloma Partners Management Co now owns 38,867 shares of the oil and gas company’s stock valued at $393,000 after purchasing an additional 2,719 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in shares of NOW in the 1st quarter valued at about $1,418,000. Finally, Eaton Vance Management purchased a new position in shares of NOW in the 1st quarter valued at about $51,000. Institutional investors and hedge funds own 93.07% of the company’s stock.

About NOW

NOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationally. The company offers its products under the DistributionNOW and DNOW brand names.

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