QV Investors Inc. boosted its position in NOW Inc. (NYSE:DNOW) by 44.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,178,087 shares of the oil and gas company’s stock after purchasing an additional 674,348 shares during the quarter. NOW comprises about 2.5% of QV Investors Inc.’s portfolio, making the stock its 12th biggest holding. QV Investors Inc. owned approximately 2.02% of NOW worth $30,079,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of Montreal Can boosted its stake in NOW by 130.2% in the 2nd 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 during the period. Oppenheimer Asset Management Inc. bought a new stake in NOW in the 1st quarter valued at $127,000. Riverhead Capital Management LLC boosted its stake in NOW by 70.0% in the 2nd quarter. Riverhead Capital Management LLC now owns 7,990 shares of the oil and gas company’s stock valued at $128,000 after purchasing an additional 3,290 shares during the period. Shell Asset Management Co. bought a new stake in NOW in the 3rd quarter valued at $137,000. Finally, LS Investment Advisors LLC boosted its stake in NOW by 18.9% in the 2nd 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 and hedge funds own 96.71% of the company’s stock.
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DNOW has been the subject of several recent research reports. Stifel Nicolaus restated a “buy” rating on shares of NOW in a research note on Friday, July 14th. Zacks Investment Research downgraded NOW from a “hold” rating to a “sell” rating in a research note on Monday, July 17th. BidaskClub downgraded NOW from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Credit Suisse Group set a $15.00 price target on NOW and gave the company a “hold” rating in a research note on Friday, August 4th. Finally, J P Morgan Chase & Co reduced their price target on NOW from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Tuesday, September 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $16.70.
NOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.01. NOW had a negative return on equity of 7.83% and a negative net margin of 7.14%. The firm had revenue of $697.00 million during the quarter, compared to analyst estimates of $701.29 million. During the same period last year, the company earned ($0.34) earnings per share. The business’s revenue for the quarter was up 34.0% on a year-over-year basis.
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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