NOW (DNOW) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of NOW (NYSE:DNOW) from a hold rating to a buy rating in a research note published on Wednesday. Zacks Investment Research currently has $14.00 price objective 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. “

Other equities analysts have also issued reports about the company. ValuEngine upgraded NOW from a hold rating to a buy rating in a report on Thursday, August 23rd. Cowen started coverage on NOW in a report on Saturday, October 13th. They set a hold rating and a $17.00 target price on the stock. Finally, Robert W. Baird cut their target price on NOW from $17.00 to $16.00 and set a neutral rating on the stock in a report on Friday, November 2nd. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $14.89.

Shares of NYSE:DNOW opened at $11.87 on Wednesday. The company has a quick ratio of 1.44, a current ratio of 2.72 and a debt-to-equity ratio of 0.14. NOW has a 1 year low of $9.12 and a 1 year high of $18.56. The firm has a market cap of $1.29 billion, a P/E ratio of -43.96 and a beta of 1.29.

NOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, November 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.04. NOW had a return on equity of 2.43% and a net margin of 1.09%. The business had revenue of $822.00 million during the quarter, compared to analyst estimates of $805.80 million. During the same period last year, the company earned ($0.03) earnings per share. NOW’s quarterly revenue was up 17.9% compared to the same quarter last year. Analysts anticipate that NOW will post 0.34 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of DNOW. Hennessy Advisors Inc. acquired a new stake in shares of NOW in the third quarter valued at about $27,284,000. Millennium Management LLC acquired a new stake in shares of NOW in the second quarter valued at about $15,382,000. Dimensional Fund Advisors LP grew its position in shares of NOW by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 6,636,170 shares of the oil and gas company’s stock valued at $88,460,000 after purchasing an additional 1,122,053 shares during the last quarter. Deutsche Bank AG grew its position in shares of NOW by 87.0% in the third quarter. Deutsche Bank AG now owns 1,667,595 shares of the oil and gas company’s stock valued at $27,596,000 after purchasing an additional 775,836 shares during the last quarter. Finally, Chicago Equity Partners LLC grew its position in shares of NOW by 439.1% in the third quarter. Chicago Equity Partners LLC now owns 666,241 shares of the oil and gas company’s stock valued at $11,026,000 after purchasing an additional 542,656 shares during the last quarter.

NOW Company Profile

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, measurement and control equipment, process equipment, pumps, OEM parts, coatings, mill supplies, and safety supplies, as well as provides application systems, work processes, parts integration, optimization solutions, and after-sales support services.

Further Reading: Preferred Stock

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