StockNews.com Lowers DNOW (NYSE:DNOW) to Hold

StockNews.com downgraded shares of DNOW (NYSE:DNOW) from a buy rating to a hold rating in a research report report published on Wednesday morning.

Several other equities analysts have also recently issued reports on DNOW. Stifel Nicolaus boosted their target price on DNOW from $16.00 to $17.00 and gave the company a buy rating in a research note on Thursday, July 18th. Susquehanna dropped their target price on shares of DNOW from $15.00 to $14.00 and set a neutral rating on the stock in a report on Thursday, July 11th.

DNOW Price Performance

Shares of DNOW remained flat at $12.82 during mid-day trading on Wednesday. The stock had a trading volume of 991,721 shares, compared to its average volume of 1,002,749. DNOW has a 52-week low of $9.44 and a 52-week high of $15.65. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 5.91 and a beta of 1.45. The business has a 50-day simple moving average of $13.80 and a 200-day simple moving average of $13.66.

DNOW (NYSE:DNOW) last posted its earnings results on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.02). DNOW had a net margin of 10.30% and a return on equity of 10.39%. The business had revenue of $563.00 million for the quarter, compared to analysts’ expectations of $569.15 million. During the same period last year, the firm posted $0.25 earnings per share. DNOW’s quarterly revenue was down 3.6% on a year-over-year basis. Equities research analysts forecast that DNOW will post 1.06 EPS for the current year.

Institutional Trading of DNOW

A number of hedge funds have recently made changes to their positions in DNOW. Allspring Global Investments Holdings LLC raised its stake in DNOW by 1,062.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 2,561 shares during the last quarter. Headlands Technologies LLC purchased a new position in DNOW during the first quarter valued at $44,000. Innealta Capital LLC purchased a new position in DNOW during the second quarter valued at $67,000. CWM LLC raised its stake in DNOW by 144.9% during the second quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after buying an additional 4,004 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in DNOW during the second quarter valued at $94,000. 97.63% of the stock is owned by institutional investors.

About DNOW

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.