NOW Inc. (DNOW) Stock Rating Upgraded by Zacks Investment Research

NOW Inc. (NYSE:DNOW) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

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 equities research analysts have also weighed in on DNOW. BidaskClub lowered shares of NOW from a “sell” rating to a “strong sell” rating in a research note on Monday, August 14th. Stifel Nicolaus set a $18.00 price objective on NOW and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Cowen and Company set a $14.00 price objective on NOW and gave the stock a “hold” rating in a research note on Friday, October 6th. Finally, Robert W. Baird restated a “neutral” rating and issued a $15.00 price objective (down from $20.00) on shares of NOW in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $16.70.

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, beating analysts’ consensus estimates of ($0.04) by $0.01. The business 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 quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.34) EPS.

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A number of institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. boosted its holdings in NOW by 1.9% in the 2nd quarter. Baillie Gifford & Co. now owns 13,065,945 shares of the oil and gas company’s stock worth $210,101,000 after buying an additional 242,805 shares during the period. BlackRock Inc. boosted its holdings in NOW by 16,819.9% in the 1st quarter. BlackRock Inc. now owns 11,399,636 shares of the oil and gas company’s stock worth $193,337,000 after buying an additional 11,332,262 shares during the period. Vanguard Group Inc. boosted its holdings in NOW by 1.7% in the 2nd quarter. Vanguard Group Inc. now owns 8,936,076 shares of the oil and gas company’s stock worth $143,693,000 after buying an additional 148,959 shares during the period. Dimensional Fund Advisors LP boosted its holdings in NOW by 42.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,515,967 shares of the oil and gas company’s stock worth $72,615,000 after buying an additional 1,353,934 shares during the period. Finally, State Street Corp boosted its holdings in NOW by 3.1% in the 2nd quarter. State Street Corp now owns 3,575,912 shares of the oil and gas company’s stock worth $57,500,000 after buying an additional 107,411 shares during the period. 96.71% of the stock is owned by 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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