Published On: Fri, Sep 16th, 2016

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Equities researchers at Cowen and Company began coverage on shares of Now Inc. (NYSE:DNOW) in a note issued to investors on Friday. The brokerage set a “market perform” rating and a $22.00 price target on the stock. Cowen and Company’s price target points to a potential upside of 15.18% from the company’s previous close.
Separately, Zacks Investment Research upgraded Now from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Four equities research analysts have rated the stock with a hold rating, Now currently has a consensus rating of “Hold” and an average target price of $18.00.
Shares of Now (NYSE:DNOW) traded down 1.90% during mid-day trading on Friday, reaching $19.10. The company had a trading volume of 991,716 shares. The company’s market cap is $2.05 billion. Now has a 52-week low of $12.03 and a 52-week high of $21.73. The firm’s 50-day moving average price is $20.41 and its 200 day moving average price is $18.59.

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Now (NYSE:DNOW) last released its earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.06. The firm earned $501 million during the quarter, compared to the consensus estimate of $456.96 million. Now had a negative return on equity of 8.92% and a negative net margin of 23.71%. The company’s revenue was down 33.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.16) EPS. Equities analysts expect that Now will post ($1.53) EPS for the current year.
Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Now during the fourth quarter valued at $32,976,000. BlackRock Fund Advisors increased its position in Now by 49.8% in the second quarter. BlackRock Fund Advisors now owns 5,308,092 shares of the company’s stock valued at $96,289,000 after buying an additional 1,764,444 shares in the last quarter. Heartland Advisors Inc. purchased a new position in Now during the second quarter valued at approximately $16,561,000. AQR Capital Management LLC increased its position in Now by 511.1% in the second quarter. AQR Capital Management LLC now owns 1,080,930 shares of the company’s stock valued at $19,608,000 after buying an additional 904,059 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Now during the second quarter valued at approximately $16,007,000. Institutional investors and hedge funds own 96.87% of the company’s stock.
About Now
NOW Inc (NOW) is a global distributor to energy and industrial markets. The Company operates primarily under the DistributionNOW and Wilson Export brands. The Company operates through three segments: United States (U.S.), Canada and International. Through its network of over 300 locations across the world, it stocks and sells an offering of energy products, as well as a selection of products for industrial applications.

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