DNOW (NYSE:DNOW) Downgraded by StockNews.com to “Hold”

DNOW (NYSE:DNOW) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

A number of other research firms have also commented on DNOW. Susquehanna cut their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus upped their price objective on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th.

DNOW Stock Performance

NYSE DNOW traded down $0.61 during trading on Wednesday, hitting $13.45. 1,273,768 shares of the company’s stock traded hands, compared to its average volume of 1,003,054. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 6.20 and a beta of 1.45. DNOW has a 12-month low of $9.44 and a 12-month high of $15.65. The business has a 50 day moving average of $13.86 and a 200-day moving average of $13.62.

DNOW (NYSE:DNOW) last issued its earnings results on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $569.15 million. During the same period in the previous year, the firm earned $0.25 EPS. The company’s revenue was down 3.6% compared to the same quarter last year. On average, analysts expect that DNOW will post 1.06 EPS for the current year.

Hedge Funds Weigh In On DNOW

Several institutional investors and hedge funds have recently made changes to their positions in DNOW. Allspring Global Investments Holdings LLC grew its stake in shares of DNOW by 1,062.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after purchasing 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 bought a new stake in shares of DNOW during the 2nd quarter valued at $67,000. CWM LLC grew its position in shares of DNOW by 144.9% in the 2nd quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock worth $93,000 after buying an additional 4,004 shares during the period. Finally, Quest Partners LLC bought a new position in shares of DNOW in the 2nd quarter worth about $94,000. Institutional investors own 97.63% of the company’s stock.

DNOW Company Profile

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.