Trexquant Investment LP boosted its stake in NOW Inc (NYSE:DNOW) by 443.2% during the first quarter, Holdings Channel reports. The fund owned 99,100 shares of the oil and gas company’s stock after buying an additional 80,856 shares during the period. Trexquant Investment LP’s holdings in NOW were worth $1,681,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of DNOW. OMERS ADMINISTRATION Corp raised its position in shares of NOW by 22.0% in the third quarter. OMERS ADMINISTRATION Corp now owns 35,500 shares of the oil and gas company’s stock valued at $761,000 after buying an additional 6,400 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of NOW during the third quarter valued at approximately $9,641,000. Acrospire Investment Management LLC raised its position in shares of NOW by 63.9% in the third quarter. Acrospire Investment Management LLC now owns 5,900 shares of the oil and gas company’s stock valued at $126,000 after buying an additional 2,300 shares during the last quarter. Northern Trust Corp raised its position in shares of NOW by 1.1% in the third quarter. Northern Trust Corp now owns 1,629,688 shares of the oil and gas company’s stock valued at $34,925,000 after buying an additional 17,087 shares during the last quarter. Finally, Westpac Banking Corp raised its position in shares of NOW by 2.5% in the third quarter. Westpac Banking Corp now owns 57,444 shares of the oil and gas company’s stock valued at $1,231,000 after buying an additional 1,386 shares during the last quarter.
Shares of NOW Inc (NYSE:DNOW) traded up 0.85% during mid-day trading on Friday, hitting $17.72. The company had a trading volume of 1,072,962 shares. The firm’s market cap is $1.91 billion. The firm’s 50 day moving average is $17.22 and its 200-day moving average is $19.43. NOW Inc has a 12-month low of $15.47 and a 12-month high of $23.53.
NOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, May 3rd. The oil and gas company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.08. NOW had a negative return on equity of 10.87% and a negative net margin of 18.62%. The company had revenue of $631 million for the quarter, compared to analyst estimates of $605.07 million. During the same period in the prior year, the company posted ($0.35) EPS. The company’s revenue was up 15.1% compared to the same quarter last year. On average, equities analysts expect that NOW Inc will post ($0.25) EPS for the current year.
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Several brokerages have recently commented on DNOW. Credit Suisse Group AG reiterated a “hold” rating and issued a $20.00 target price on shares of NOW in a research report on Friday, February 17th. Zacks Investment Research downgraded NOW from a “buy” rating to a “hold” rating in a report on Monday, February 20th. Cowen and Company cut their price target on NOW from $22.00 to $19.00 and set a “market perform” rating on the stock in a report on Tuesday, April 11th. Stephens raised NOW from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $24.00 to $23.00 in a report on Thursday, May 4th. Finally, Seaport Global Securities raised NOW from a “neutral” rating to a “buy” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Thursday, May 4th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $20.25.
In related news, Director Rodney W. Eads acquired 5,264 shares of the stock in a transaction dated Tuesday, March 7th. The shares were bought at an average cost of $18.99 per share, for a total transaction of $99,963.36. Following the purchase, the director now owns 21,046 shares in the company, valued at approximately $399,663.54. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 3.30% of the company’s stock.
NOW Company Profile
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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