NOW Inc. (DNOW) Downgraded to Neutral at Citigroup Inc.
NOW Inc. (NYSE:DNOW) was downgraded by Citigroup Inc. from a “positive” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports. They currently have a $11.00 price target on the oil and gas company’s stock, down from their previous price target of $19.00. Citigroup Inc.’s price target suggests a potential downside of 12.14% from the company’s current price. The analysts noted that the move was a valuation call.
A number of other research analysts have also weighed in on DNOW. Stifel Nicolaus reaffirmed a “buy” rating on shares of NOW in a research note on Friday, July 14th. Zacks Investment Research lowered shares of NOW from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. BidaskClub lowered shares of NOW from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Credit Suisse Group set a $15.00 price target on shares of NOW and gave the company a “hold” rating in a research report on Friday, August 4th. Finally, J P Morgan Chase & Co dropped their price target on shares of NOW from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $16.70.
NOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. The business had revenue of $697.00 million during the quarter, compared to analysts’ expectations of $701.29 million. NOW had a negative net margin of 7.14% and a negative return on equity of 7.83%. The business’s quarterly revenue was up 34.0% on a year-over-year basis. During the same period last year, the company posted ($0.34) earnings per share.
Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Fund Advisors grew its stake in NOW by 6.3% during the third quarter. BlackRock Fund Advisors now owns 5,641,541 shares of the oil and gas company’s stock valued at $120,898,000 after acquiring an additional 333,449 shares in the last quarter. Quantbot Technologies LP lifted its position in NOW by 591.2% during the first quarter. Quantbot Technologies LP now owns 34,125 shares of the oil and gas company’s stock valued at $578,000 after purchasing an additional 29,188 shares during the last quarter. Russell Investments Group Ltd. lifted its position in NOW by 35.3% during the first quarter. Russell Investments Group Ltd. now owns 496,547 shares of the oil and gas company’s stock valued at $8,422,000 after purchasing an additional 129,621 shares during the last quarter. Janus Capital Management lifted its position in NOW by 49.1% during the third quarter. Janus Capital Management now owns 1,885,541 shares of the oil and gas company’s stock valued at $27,909,000 after purchasing an additional 620,619 shares during the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp bought a new stake in NOW during the third quarter valued at approximately $1,607,000. Hedge funds and other institutional investors own 96.71% of the company’s stock.
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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