DNOW (NYSE:DNOW) Sees Large Volume Increase – Still a Buy?

DNOW Inc. (NYSE:DNOW) shares saw strong trading volume on Wednesday . 300,747 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 475,580 shares.The stock last traded at $13.49 and had previously closed at $13.42.

DNOW Price Performance

The firm has a market cap of $1.44 billion, a P/E ratio of 7.25 and a beta of 1.53. The firm’s 50-day moving average price is $14.02 and its 200 day moving average price is $13.34.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The company had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same quarter last year, the business posted $0.25 EPS. DNOW’s quarterly revenue was up 3.1% compared to the same quarter last year. Analysts forecast that DNOW Inc. will post 0.81 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Paul M. Coppinger sold 26,186 shares of the stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total transaction of $401,955.10. Following the sale, the director now owns 56,568 shares in the company, valued at $868,318.80. This represents a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DNOW

Institutional investors have recently made changes to their positions in the stock. KBC Group NV boosted its position in DNOW by 45.5% during the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 1,190 shares during the period. Quarry LP lifted its stake in DNOW by 75.6% in the second quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 1,908 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of DNOW during the third quarter valued at $78,000. Canada Pension Plan Investment Board acquired a new position in shares of DNOW during the second quarter valued at $95,000. Finally, MBB Public Markets I LLC bought a new position in shares of DNOW during the second quarter worth about $138,000. 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.