Northland Securities Begins Coverage on NOW (NYSE:DNOW)

Northland Securities began coverage on shares of NOW (NYSE:DNOW) in a research note released on Friday morning, AnalystRatings.com reports. The brokerage issued a buy rating and a $9.50 price objective on the oil and gas company’s stock.

Several other brokerages have also recently issued reports on DNOW. Cowen raised NOW from a market perform rating to an outperform rating and set a $8.00 price objective for the company in a report on Tuesday, April 14th. KeyCorp reduced their price objective on NOW from $18.00 to $14.00 and set an overweight rating for the company in a report on Friday, March 20th. ValuEngine raised NOW from a hold rating to a buy rating in a report on Thursday, May 7th. Finally, Stephens reaffirmed an overweight rating and set a $9.00 price objective (down from $12.00) on shares of NOW in a report on Friday, April 3rd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $11.93.

DNOW opened at $8.45 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.65 and a quick ratio of 1.52. The business has a 50 day simple moving average of $8.20 and a 200-day simple moving average of $8.20. The stock has a market capitalization of $923.65 million, a P/E ratio of -2.07 and a beta of 1.89. NOW has a 12 month low of $4.05 and a 12 month high of $13.81.

NOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The business had revenue of $604.00 million during the quarter, compared to analyst estimates of $622.12 million. NOW had a negative net margin of 16.10% and a positive return on equity of 0.45%. The firm’s quarterly revenue was down 23.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 earnings per share. Research analysts anticipate that NOW will post -0.87 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Balyasny Asset Management LLC purchased a new position in NOW during the first quarter worth $53,000. Two Sigma Advisers LP increased its position in NOW by 98.1% during the first quarter. Two Sigma Advisers LP now owns 375,400 shares of the oil and gas company’s stock worth $1,937,000 after buying an additional 185,900 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in NOW by 121.4% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 732,968 shares of the oil and gas company’s stock worth $8,239,000 after buying an additional 401,849 shares in the last quarter. Goldman Sachs Group Inc. increased its position in NOW by 23.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 809,154 shares of the oil and gas company’s stock worth $9,095,000 after buying an additional 152,447 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in NOW by 80.0% during the first quarter. BNP Paribas Arbitrage SA now owns 66,126 shares of the oil and gas company’s stock worth $341,000 after buying an additional 29,382 shares in the last quarter. 99.36% of the stock is owned by institutional investors.

About NOW

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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