Oil Stocks- NOW Inc. (NYSE:DNOW) Expected to Announce Earnings of -$0.08 Per Share
Wall Street analysts expect that NOW Inc. (NYSE:DNOW) will report earnings of ($0.08) per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for NOW’s earnings, with estimates ranging from ($0.14) to ($0.04). NOW posted earnings of ($0.16) per share in the same quarter last year, which would suggest a positive year-over-year growth rate of 50%. The business is expected to report its next quarterly earnings report on Wednesday, August 4th.
On average, analysts expect that NOW will report full year earnings of ($0.31) per share for the current fiscal year, with EPS estimates ranging from ($0.43) to ($0.14). For the next financial year, analysts forecast that the business will report earnings of $0.16 per share, with EPS estimates ranging from $0.04 to $0.31. Zacks Investment Research’s EPS averages are an average based on a survey of analysts that follow NOW.
NOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, May 5th. The oil and gas company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.10. The firm had revenue of $361.00 million during the quarter, compared to analyst estimates of $336.37 million. NOW had a negative return on equity of 5.78% and a negative net margin of 26.92%. The business’s quarterly revenue was down 40.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) earnings per share.
Several brokerages have weighed in on DNOW. JPMorgan Chase & Co. reissued an “underweight” rating and set a $5.00 price objective on shares of NOW in a research note on Thursday, February 25th. Zacks Investment Research upgraded NOW from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Tuesday. Finally, Cowen upped their target price on NOW from $10.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, February 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $9.75.
Several large investors have recently bought and sold shares of DNOW. Victory Capital Management Inc. increased its holdings in NOW by 14,729.9% in the 4th quarter. Victory Capital Management Inc. now owns 1,959,766 shares of the oil and gas company’s stock worth $14,071,000 after acquiring an additional 1,946,551 shares in the last quarter. Norges Bank acquired a new stake in shares of NOW during the 4th quarter worth about $11,821,000. Clearbridge Investments LLC boosted its stake in NOW by 14.7% in the fourth quarter. Clearbridge Investments LLC now owns 8,590,847 shares of the oil and gas company’s stock valued at $61,682,000 after acquiring an additional 1,103,131 shares in the last quarter. BlackRock Inc. boosted its stake in NOW by 5.9% during the 4th quarter. BlackRock Inc. now owns 16,897,783 shares of the oil and gas company’s stock worth $121,325,000 after purchasing an additional 936,994 shares during the period. Finally, Morgan Stanley raised its stake in shares of NOW by 195.6% during the fourth quarter. Morgan Stanley now owns 1,015,095 shares of the oil and gas company’s stock worth $7,289,000 after purchasing an additional 671,673 shares during the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.
NOW stock traded up $0.23 during mid-day trading on Friday, reaching $11.55. 34,678 shares of the company’s stock traded hands, compared to its average volume of 888,186. NOW has a 12-month low of $4.03 and a 12-month high of $11.98. The stock has a 50 day moving average of $10.02 and a two-hundred day moving average of $8.26. The company has a market cap of $1.28 billion, a price-to-earnings ratio of -2.42 and a beta of 2.14.
NOW Company Profile
NOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationally. The company offers its products under the DistributionNOW and DNOW brand names.
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