NOW Inc. (NYSE:DNOW) Downgraded to “Sell” at BidaskClub

BidaskClub cut shares of NOW Inc. (NYSE:DNOW) from a hold rating to a sell rating in a research note issued to investors on Friday, August 4th.

DNOW has been the topic of a number of other research reports. Robert W. Baird upgraded NOW from a neutral rating to an outperform rating and upped their price target for the company from $20.00 to $22.00 in a research report on Wednesday, April 26th. Zacks Investment Research downgraded NOW from a hold rating to a sell rating in a research note on Monday, July 17th. Cowen and Company dropped their price objective on NOW from $22.00 to $19.00 and set a market perform rating on the stock in a research note on Tuesday, April 11th. KeyCorp reissued an overweight rating and issued a $22.00 price objective on shares of NOW in a research note on Friday, May 26th. Finally, Credit Suisse Group dropped their price objective on NOW from $20.00 to $19.00 and set a neutral rating on the stock in a research note on Monday, May 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. NOW currently has a consensus rating of Hold and a consensus target price of $19.30.

NOW (NYSE DNOW) traded up 1.37% during trading on Friday, reaching $11.87. The company’s stock had a trading volume of 1,333,969 shares. The stock’s market cap is $1.28 billion. The firm has a 50 day moving average price of $14.70 and a 200-day moving average price of $17.04. NOW has a 52-week low of $11.62 and a 52-week high of $23.53.

NOW (NYSE:DNOW) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). NOW had a negative return on equity of 7.83% and a negative net margin of 7.14%. The firm had revenue of $651 million for the quarter, compared to analyst estimates of $674.97 million. During the same quarter in the previous year, the company posted ($0.40) EPS. The business’s revenue was up 29.9% on a year-over-year basis. On average, analysts expect that NOW will post ($0.24) earnings per share for the current year.

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In related news, Director James Crandell acquired 5,000 shares of the stock in a transaction dated Thursday, May 25th. The stock was purchased at an average cost of $17.53 per share, with a total value of $87,650.00. Following the completion of the purchase, the director now directly owns 22,562 shares in the company, valued at approximately $395,511.86. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.30% of the company’s stock.

Several hedge funds have recently modified their holdings of DNOW. Baillie Gifford & Co. raised its position in NOW by 1.9% in the second quarter. Baillie Gifford & Co. now owns 13,065,945 shares of the oil and gas company’s stock valued at $210,101,000 after buying an additional 242,805 shares in the last quarter. BlackRock Inc. raised its position in NOW by 16,819.9% in the first quarter. BlackRock Inc. now owns 11,399,636 shares of the oil and gas company’s stock valued at $193,337,000 after buying an additional 11,332,262 shares in the last quarter. Vanguard Group Inc. raised its position in NOW by 1.7% in the second quarter. Vanguard Group Inc. now owns 8,936,076 shares of the oil and gas company’s stock valued at $143,693,000 after buying an additional 148,959 shares in the last quarter. First Eagle Investment Management LLC raised its position in NOW by 0.8% in the first quarter. First Eagle Investment Management LLC now owns 7,744,218 shares of the oil and gas company’s stock valued at $131,342,000 after buying an additional 63,267 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in NOW by 7.4% in the first quarter. Clearbridge Investments LLC now owns 6,990,717 shares of the oil and gas company’s stock valued at $118,563,000 after buying an additional 482,245 shares in the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

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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