American Century Investment Manag recently announced the acquisition of new stake in NOW Inc (NYSE:DNOW). The institutional investor has increased its shareholding in the Energy company by 17.55% to 4.28 million shares with purchase of 0.64 million shares. This fresh investment now brings its stake to 4.03% valued currently at $42.69 million. In addition, Fidelity Management & Research Co raised its holdings by 189.0 to 2.34 million shares. And Geode Capital Management LLC has lifted its position by 1.95% or 41678.0 shares – to 2.17 million shares.
With over 0.43 million NOW Inc (DNOW) shares trading Friday and a closing price of $11.32 on the day, the dollar volume was approximately $4.91 million. The shares have shown a positive half year performance of 9.27% and its price on 12/29/23 lost nearly -1.22%. Currently, there are 110.37M common shares owned by the public and among those 104.59M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for DNOW have a consensus price objective of $13.67. The analysts have set the share’s price value over the next 12 months at a high of $16.00 and a low of $11.00. The average price target is 17.19% above its recent price level and a downside to the estimated low will see the stock lose -2.91% over that period. But an upside of 29.25% will see the stock hit the forecast high price target while median target price for the stock is $14.00.
Insiders at the company have transacted a total of 24 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 389,922 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 50,334 shares.
The top 3 mutual fund holders in NOW Inc are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. iShares Core S&P Small Cap ETF owns 7.14 million shares of the company’s stock, all valued at over $71.22 million. The company bought an additional 3960.0 shares recently to bring their total holdings to about 6.72% of the shares outstanding. Vanguard Total Stock Market ETF bought 7868.0 shares to see its total holdings expand to 3.48 million shares valued at over $34.72 million and representing 3.28% of the shares outstanding. Vanguard Small Cap Index Fund bought 8483.0 shares to bring its total holdings to over 2.76 million shares at a value of $27.56 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.60% of the shares outstanding.
Shares of NOW Inc (NYSE: DNOW) opened at $11.42, down -$0.04 from a prior closing price of $11.46. However, the script later moved the day high at 11.43, down -1.22%. The company’s stock has a 5-day price change of -1.31% and -4.63% over the past three months. DNOW shares are trading -10.87% year to date (YTD), with the 12-month market performance down to -8.78% lower. It has a 12-month low price of $8.83 and touched a high of $14.86 over the same period. DNOW has an average intraday trading volume of 745.37K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.69%, 5.20%, and 5.64% respectively.
Institutional ownership of NOW Inc (NYSE: DNOW) shares accounts for 97.46% of the company’s 110.37M shares outstanding. Mutual fund holders own 36.26%, while other institutional holders and individual stakeholders account for 62.77% and 3.25% respectively.
It has a market capitalization of $1.20B and a beta (3y monthly) value of 1.43. The stock’s trailing 12-month PE ratio is 9.61, while the earnings-per-share (ttm) stands at $1.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.97% over the week and 2.92% over the month.
Analysts forecast that NOW Inc (DNOW) will achieve an EPS of $0.16 for the current quarter, $0.24 for the next quarter and $0.98 for 2024. The lowest estimate earnings-per-share for the quarter is $0.15 while analysts give the company a high EPS estimate of $0.19. Comparatively, EPS for the current quarter was $0.25 a year ago. Earnings per share for the fiscal year are expected to decrease by -2.89%, and 6.78% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate NOW Inc (DNOW) as a “Strong Buy” at a consensus score of 1.67. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the DNOW, a number of firms have released research notes about the stock. The Benchmark Company stated their Buy rating for the stock in a research note on July 08, 2022, with the firm’s price target at $13.
