Northwest Pipe Given Buy Rating at DA Davidson (NWPX)
Northwest Pipe (NASDAQ:NWPX)‘s stock had its “buy” rating reiterated by analysts at DA Davidson in a research report issued to clients and investors on Wednesday, AnalystRatingsNetwork reports. They currently have a $42.00 target price on the stock, up from their previous target price of $36.00. DA Davidson’s price objective points to a potential upside of 26.35% from the stock’s previous close.
The analysts wrote, “Northwest Pipe (NWPX) announced the company has retained Raymond James to evaluate strategic alternatives for its oil country tubular goods (OCTG) business. This could include acquisitions, joint ventures or a sale of certain assets. Given NWPX’s relatively small size in the OCTG market, the announcement appears to reflect recognition of a need for greater scale to improve its competitive position or otherwise exit the market. NWPX manufactures OCTG products at its Bossier City, LA and Houston, TX facilities, with combined estimated capacity of 175,000 tons per year. Significant import pressure in recent years has led to weak results for these operations, which are included in the Tubular Products segment. While a trade case is pending for these specific products, nothing is assured. In addition, other participants have or are planning to add capacity in OCTG in North America in the coming years.”
Northwest Pipe (NASDAQ:NWPX) opened at 33.24 on Wednesday. Northwest Pipe has a 52 week low of $19.96 and a 52 week high of $34.26. The stock’s 50-day moving average is $29.89 and its 200-day moving average is $28.49. The company has a market cap of $314.1 million and a price-to-earnings ratio of 13.68.
Northwest Pipe (NASDAQ:NWPX) last announced its earnings results on Monday, August 5th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.35. The company had revenue of $116.70 million for the quarter, compared to the consensus estimate of $119.65 million. On average, analysts predict that Northwest Pipe will post $1.88 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks upgraded shares of Northwest Pipe (NASDAQ:NWPX) from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, August 12th. They now have a $31.50 price target on the stock. Analysts at Boenning Scattergood raised their price target on shares of Northwest Pipe (NASDAQ:NWPX) from $30.00 to $35.00 in a research note to investors on Wednesday, August 7th. They now have an “outperform” rating on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $31.30.
Northwest Pipe Company is a manufacturer of large-diameter, high-pressure steel pipeline systems for use in waters infrastructure applications, primarily related to drinking water systems, and the Company also manufactures other welded steel pipe products for uses in a range of applications, including energy, construction, agriculture, and industrial uses.
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