Russell Investments Group Ltd. Boosts Position in NOW Inc (DNOW)
Russell Investments Group Ltd. increased its stake in shares of NOW Inc (NYSE:DNOW) by 35.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 496,547 shares of the oil and gas company’s stock after buying an additional 129,621 shares during the period. Russell Investments Group Ltd. owned 0.46% of NOW worth $8,422,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in NOW during the fourth quarter valued at approximately $26,165,000. Dimensional Fund Advisors LP raised its position in NOW by 50.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,416,356 shares of the oil and gas company’s stock valued at $49,463,000 after buying an additional 810,118 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in NOW during the third quarter valued at approximately $9,641,000. Acadian Asset Management LLC bought a new position in NOW during the first quarter valued at approximately $3,588,000. Finally, Osborne Partners Capital Management LLC bought a new position in NOW during the first quarter valued at approximately $2,263,000.
Shares of NOW Inc (NYSE:DNOW) opened at 17.95 on Tuesday. The stock’s market capitalization is $1.93 billion. NOW Inc has a 12 month low of $15.47 and a 12 month high of $23.53. The stock’s 50 day moving average price is $17.25 and its 200-day moving average price is $19.42.
NOW (NYSE:DNOW) last released its quarterly earnings results on Wednesday, May 3rd. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.23) by $0.08. NOW had a negative net margin of 18.62% and a negative return on equity of 10.87%. The company had revenue of $631 million during the quarter, compared to analysts’ expectations of $605.07 million. During the same period in the prior year, the company earned ($0.35) earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. Equities analysts forecast that NOW Inc will post ($0.25) earnings per share for the current fiscal year.
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DNOW has been the topic of several research reports. Zacks Investment Research raised NOW from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Tuesday, April 18th. Cowen and Company dropped their target price on NOW from $22.00 to $19.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 11th. Credit Suisse Group AG dropped their target price on NOW from $20.00 to $19.00 and set a “neutral” rating on the stock in a research report on Friday, May 5th. Robert W. Baird raised NOW from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $20.00 to $22.00 in a research report on Wednesday, April 26th. Finally, Stephens raised NOW from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $24.00 to $23.00 in a research report on Thursday, May 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $20.25.
In other news, Director Rodney W. Eads purchased 5,264 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was bought at an average cost of $18.99 per share, for a total transaction of $99,963.36. Following the completion of the acquisition, the director now directly owns 21,046 shares of the company’s stock, valued at $399,663.54. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.30% of the stock is owned by corporate insiders.
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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