Comerica Bank Sells 9,700 Shares of NOW Inc. (NYSE:DNOW)

Comerica Bank cut its holdings in NOW Inc. (NYSE:DNOWGet Rating) by 10.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,390 shares of the oil and gas company’s stock after selling 9,700 shares during the period. Comerica Bank owned approximately 0.08% of NOW worth $970,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in DNOW. US Bancorp DE increased its position in NOW by 839.2% in the 2nd quarter. US Bancorp DE now owns 2,705 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 2,417 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in NOW in the 3rd quarter valued at about $36,000. Point72 Hong Kong Ltd bought a new stake in NOW in the 2nd quarter valued at about $62,000. Captrust Financial Advisors increased its position in NOW by 173.7% in the 1st quarter. Captrust Financial Advisors now owns 5,973 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 3,791 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in NOW by 60.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,725 shares of the oil and gas company’s stock valued at $75,000 after buying an additional 2,546 shares in the last quarter. 95.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DNOW. StockNews.com raised NOW from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 10th. TheStreet raised NOW from a “c+” rating to a “b-” rating in a research report on Monday, December 12th.

NOW Stock Performance

DNOW stock opened at $13.16 on Wednesday. The company has a market capitalization of $1.45 billion, a P/E ratio of 13.71 and a beta of 1.63. NOW Inc. has a 52-week low of $8.44 and a 52-week high of $13.51. The business has a 50-day simple moving average of $12.58 and a two-hundred day simple moving average of $11.69.

NOW (NYSE:DNOWGet Rating) last released its quarterly earnings results on Wednesday, November 2nd. The oil and gas company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.06. The business had revenue of $577.00 million during the quarter, compared to the consensus estimate of $565.60 million. NOW had a return on equity of 11.31% and a net margin of 5.34%. As a group, sell-side analysts forecast that NOW Inc. will post 0.89 earnings per share for the current fiscal year.

NOW Profile

(Get Rating)

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.

Recommended Stories

Institutional Ownership by Quarter for NOW (NYSE:DNOW)

Receive News & Ratings for NOW Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOW and related companies with MarketBeat.com's FREE daily email newsletter.