DNOW (NYSE:DNOW) Shares Up 5.6% – Here’s Why

DNOW Inc. (NYSE:DNOW) was up 5.6% during trading on Friday . The company traded as high as $13.18 and last traded at $13.12. Approximately 654,425 shares were traded during trading, a decline of 50% from the average daily volume of 1,310,201 shares. The stock had previously closed at $12.42.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on DNOW. Zacks Research cut DNOW from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of DNOW in a report on Wednesday, October 8th. Finally, Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price objective for the company in a research report on Friday. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

DNOW Stock Performance

The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 15.49 and a beta of 1.01. The business has a 50-day simple moving average of $14.49 and a two-hundred day simple moving average of $14.83.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. DNOW had a net margin of 3.91% and a return on equity of 9.35%. The company had revenue of $634.00 million for the quarter, compared to the consensus estimate of $637.13 million. During the same period last year, the company earned $0.21 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. On average, analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DNOW

Several hedge funds have recently modified their holdings of DNOW. Dimensional Fund Advisors LP increased its position in shares of DNOW by 0.7% in the third quarter. Dimensional Fund Advisors LP now owns 6,453,854 shares of the oil and gas company’s stock valued at $98,421,000 after acquiring an additional 42,878 shares during the last quarter. Boston Partners bought a new position in DNOW in the third quarter valued at approximately $72,302,000. Wellington Management Group LLP increased its position in shares of DNOW by 260.2% during the 3rd quarter. Wellington Management Group LLP now owns 3,764,823 shares of the oil and gas company’s stock worth $57,414,000 after purchasing an additional 2,719,594 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of DNOW by 2.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,987,198 shares of the oil and gas company’s stock worth $44,300,000 after purchasing an additional 72,517 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of DNOW by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 2,524,052 shares of the oil and gas company’s stock worth $37,437,000 after purchasing an additional 32,317 shares in the last quarter. Institutional investors own 97.63% of the company’s stock.

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.