Zacks Investment Research upgraded shares of NOW (NYSE:DNOW) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The firm currently has $15.00 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. “
Shares of DNOW stock opened at $13.49 on Wednesday. The stock has a market cap of $1.47 billion, a PE ratio of 28.10 and a beta of 1.45. The company has a quick ratio of 1.30, a current ratio of 2.64 and a debt-to-equity ratio of 0.13. The company’s 50 day simple moving average is $13.87. NOW has a 12 month low of $10.36 and a 12 month high of $18.56.
NOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.12 EPS for the quarter, beating the Zacks’ consensus estimate of $0.09 by $0.03. The company had revenue of $785.00 million for the quarter, compared to analysts’ expectations of $772.54 million. NOW had a net margin of 2.16% and a return on equity of 4.19%. NOW’s revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.01 EPS. On average, sell-side analysts anticipate that NOW will post 0.44 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in DNOW. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV grew its holdings in NOW by 14.4% in the 2nd quarter. Investmentaktiengesellschaft Fuer Langfristige Investoren TGV now owns 199,000 shares of the oil and gas company’s stock worth $2,937,000 after acquiring an additional 25,000 shares during the last quarter. Investors Research Corp grew its holdings in NOW by 61.6% in the 2nd quarter. Investors Research Corp now owns 2,362 shares of the oil and gas company’s stock worth $35,000 after acquiring an additional 900 shares during the last quarter. First Trust Advisors LP bought a new stake in NOW in the 1st quarter worth $913,000. Clearbridge Investments LLC grew its holdings in NOW by 4.1% in the 1st quarter. Clearbridge Investments LLC now owns 9,467,335 shares of the oil and gas company’s stock worth $132,164,000 after acquiring an additional 375,350 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in NOW in the 1st quarter worth $113,000.
NOW Inc distributes energy and industrial products in the United States, Canada, and internationally. It offers consumable maintenance, repair, and operating supplies; and pipes, valves, fittings, flanges, gaskets, fasteners, electrical products, instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as applied products and applications, such as artificial lift systems, coatings, and other expendable items.
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