DNOW (NYSE:DNOW) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of DNOW (NYSE:DNOW) from a strong-buy rating to a buy rating in a research report released on Saturday morning.

A number of other analysts also recently issued reports on the stock. 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 report on Friday, November 21st. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price target on shares of DNOW in a research note on Monday, November 24th. Weiss Ratings reissued a “hold (c)” rating on shares of DNOW in a research report on Monday, December 29th. KeyCorp set a $19.00 price objective on DNOW in a report on Thursday, December 18th. Finally, Zacks Research raised DNOW from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $17.67.

DNOW Trading Down 0.1%

NYSE:DNOW opened at $14.32 on Friday. The stock has a 50 day simple moving average of $13.60 and a 200 day simple moving average of $14.49. The stock has a market cap of $1.50 billion, a P/E ratio of 16.46 and a beta of 0.76. DNOW has a 1-year low of $12.01 and a 1-year high of $18.45.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Blue Trust Inc. bought a new stake in DNOW during the 4th quarter worth $25,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of DNOW by 37.0% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 17,485 shares of the oil and gas company’s stock worth $232,000 after purchasing an additional 4,725 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of DNOW by 422.1% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 62,326 shares of the oil and gas company’s stock worth $833,000 after purchasing an additional 50,389 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of DNOW by 4.7% in the fourth quarter. Exchange Traded Concepts LLC now owns 78,789 shares of the oil and gas company’s stock valued at $1,044,000 after buying an additional 3,533 shares during the period. Finally, SG Americas Securities LLC raised its holdings in DNOW by 26.1% in the 4th quarter. SG Americas Securities LLC now owns 26,546 shares of the oil and gas company’s stock valued at $352,000 after buying an additional 5,488 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

About DNOW

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.