NOW Inc (DNOW) Gains “Overweight” Rating from KeyCorp

NOW Inc (DNOW) Gains “Overweight” Rating from KeyCorp

KeyCorp reiterated their overweight rating on shares of NOW Inc (NYSE:DNOW) in a research report report published on Friday morning. They currently have a $22.00 price objective on the oil and gas company’s stock.

A number of other research analysts also recently commented on the company. Cowen and Company reduced their target price on NOW from $22.00 to $19.00 and set a market perform rating on the stock in a report on Tuesday, April 11th. Zacks Investment Research raised NOW from a hold rating to a buy rating and set a $19.00 target price on the stock in a report on Tuesday, April 18th. Robert W. Baird raised NOW from a neutral rating to an outperform rating and increased their target price for the stock from $20.00 to $22.00 in a report on Wednesday, April 26th. Credit Suisse Group AG reduced their target price on NOW from $20.00 to $19.00 and set a neutral rating on the stock in a report on Friday, May 5th. Finally, Stephens raised NOW from an equal weight rating to an overweight rating and reduced their target price for the stock from $24.00 to $23.00 in a report on Thursday, May 4th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of Buy and an average price target of $20.44.

NOW (DNOW) opened at 16.48 on Friday. The stock has a 50 day moving average price of $17.24 and a 200-day moving average price of $19.38. NOW has a 12-month low of $15.47 and a 12-month high of $23.53. The firm’s market cap is $1.77 billion.

NOW (NYSE:DNOW) last released its earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.08. NOW had a negative return on equity of 10.87% and a negative net margin of 18.62%. The company had revenue of $631 million for the quarter, compared to the consensus estimate of $605.07 million. During the same quarter last year, the business posted ($0.35) EPS. NOW’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts forecast that NOW will post ($0.24) earnings per share for the current year.

In related news, Director James Crandell purchased 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 25th. The shares were acquired at an average price of $17.53 per share, with a total value of $87,650.00. Following the acquisition, the director now owns 22,562 shares in the company, valued at approximately $395,511.86. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Rodney W. Eads purchased 5,264 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was bought at an average cost of $18.99 per share, for a total transaction of $99,963.36. Following the acquisition, the director now owns 21,046 shares in the company, valued at approximately $399,663.54. The disclosure for this purchase can be found here. Company insiders own 3.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of 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 during the period. Vanguard Group Inc. increased its stake in shares of NOW by 9.2% in the first quarter. Vanguard Group Inc. now owns 8,787,117 shares of the oil and gas company’s stock valued at $149,030,000 after buying an additional 739,256 shares during the period. First Eagle Investment Management LLC increased its stake in shares of 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 during the period. Massachusetts Financial Services Co. MA increased its stake in shares of NOW by 19.2% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,596,784 shares of the oil and gas company’s stock valued at $61,002,000 after buying an additional 578,414 shares during the period. Finally, State Street Corp increased its stake in shares of NOW by 1.7% in the first quarter. State Street Corp now owns 3,468,501 shares of the oil and gas company’s stock valued at $58,823,000 after buying an additional 59,238 shares during the period.

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.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “DNOW”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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