Putnam Investments LLC Cuts Stock Holdings in NOW Inc. (NYSE:DNOW)

Putnam Investments LLC trimmed its position in shares of NOW Inc. (NYSE:DNOW – Get Rating) by 27.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,537 shares of the oil and gas company’s stock after selling 53,622 shares during the quarter. Putnam Investments LLC owned approximately 0.13% of NOW worth $1,392,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. purchased a new position in shares of NOW during the 3rd quarter valued at approximately $36,000. Captrust Financial Advisors increased its holdings in shares of NOW by 173.7% during the 1st quarter. Captrust Financial Advisors now owns 5,973 shares of the oil and gas company’s stock valued at $66,000 after purchasing an additional 3,791 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of NOW during the 2nd quarter valued at approximately $62,000. PNC Financial Services Group Inc. increased its holdings in shares of NOW by 60.9% during 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 purchasing an additional 2,546 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in shares of NOW during the 3rd quarter valued at approximately $108,000. 95.89% of the stock is owned by hedge funds and other institutional investors.

NOW Stock Down 4.1 %

Shares of DNOW opened at $11.10 on Tuesday. NOW Inc. has a 52-week low of $8.79 and a 52-week high of $14.86. The firm’s fifty day moving average is $13.06 and its two-hundred day moving average is $12.28. The stock has a market cap of $1.22 billion, a PE ratio of 9.82 and a beta of 1.61.

NOW (NYSE:DNOW – Get Rating) last announced its earnings results on Thursday, February 16th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.06. NOW had a net margin of 5.99% and a return on equity of 13.49%. The company had revenue of $547.00 million for the quarter, compared to analysts’ expectations of $530.77 million. During the same quarter in the previous year, the company posted $0.07 EPS. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. As a group, research analysts anticipate that NOW Inc. will post 1.01 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DNOW shares. StockNews.com lowered shares of NOW from a “strong-buy” rating to a “buy” rating in a report on Friday, February 17th. TheStreet raised shares of NOW from a “c+” rating to a “b-” rating in a report on Monday, December 12th. Finally, Susquehanna boosted their price target on shares of NOW from $13.00 to $14.00 and gave the stock a “neutral” rating in a report on Friday, February 17th.

NOW Profile

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NOW Inc is a holding company, which engages in the distribution of energy products for industrial applications. It operates through the following segments: United States, Canada, and International. The United States segment serves the upstream, midstream and downstream energy, and industrial markets.