DNOW (NYSE:DNOW) Stock Price Up 4.9% – Here’s What Happened

DNOW Inc. (NYSE:DNOW) shares rose 4.9% on Wednesday . The company traded as high as $11.67 and last traded at $11.6620. Approximately 358,056 shares were traded during trading, a decline of 89% from the average daily volume of 3,222,383 shares. The stock had previously closed at $11.12.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Stifel Nicolaus cut their price objective on shares of DNOW from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Wall Street Zen lowered DNOW from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Weiss Ratings cut DNOW from a “hold (c)” rating to a “sell (d+)” rating in a research note on Friday, February 27th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target for the company in a report on Friday, November 21st. Finally, KeyCorp set a $19.00 price objective on DNOW in a research note on Thursday, December 18th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.00.

DNOW Stock Performance

The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -40.05 and a beta of 0.80. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.11 and a current ratio of 2.34. The company’s fifty day simple moving average is $13.94 and its two-hundred day simple moving average is $14.21.

DNOW (NYSE:DNOW) last released its earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share for the quarter, hitting the consensus estimate of $0.15. DNOW had a negative net margin of 2.66% and a positive return on equity of 7.26%. The company had revenue of $959.00 million during the quarter, compared to the consensus estimate of $969.50 million. During the same quarter in the previous year, the firm earned $0.25 EPS. The company’s revenue was up 68.0% on a year-over-year basis. Equities research analysts predict that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Covestor Ltd grew its position in shares of DNOW by 15.7% in the 4th quarter. Covestor Ltd now owns 4,614 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 626 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in DNOW by 1.9% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 45,540 shares of the oil and gas company’s stock worth $603,000 after purchasing an additional 860 shares during the last quarter. Summit Global Investments lifted its stake in DNOW by 5.4% during the fourth quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 865 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in DNOW by 12.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,191 shares of the oil and gas company’s stock worth $109,000 after purchasing an additional 892 shares during the period. Finally, Amalgamated Bank increased its stake in DNOW by 3.4% during the third quarter. Amalgamated Bank now owns 31,215 shares of the oil and gas company’s stock valued at $476,000 after purchasing an additional 1,040 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

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.