DNOW (NYSE:DNOW) Sees Large Volume Increase – What’s Next?

DNOW Inc. (NYSE:DNOW) shares saw strong trading volume on Monday . 1,530,231 shares traded hands during trading, a decline of 39% from the previous session’s volume of 2,491,743 shares.The stock last traded at $12.3230 and had previously closed at $13.23.

Analysts Set New Price Targets

Several brokerages recently commented on DNOW. Wall Street Zen upgraded DNOW from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 14th. Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price for the company in a report on Friday, November 21st. Weiss Ratings reiterated a “hold (c)” rating on shares of DNOW in a research report on Monday, December 29th. Zacks Research upgraded shares of DNOW from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Finally, KeyCorp set a $19.00 price objective on shares of DNOW in a research note on Thursday, December 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $17.00.

DNOW Price Performance

The stock has a market cap of $1.27 billion, a PE ratio of -41.69 and a beta of 0.79. The stock’s fifty day moving average is $14.58 and its 200-day moving average is $14.63. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.34 and a quick ratio of 1.11.

DNOW (NYSE:DNOW) last posted its quarterly earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share for the quarter, meeting the consensus estimate of $0.15. The business had revenue of $959.00 million during the quarter, compared to analysts’ expectations of $969.50 million. DNOW had a negative net margin of 2.66% and a positive return on equity of 7.26%. The business’s revenue for the quarter was up 68.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. As a group, equities analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

Institutional Trading of DNOW

A number of hedge funds and other institutional investors have recently modified their holdings of DNOW. T. Rowe Price Investment Management Inc. purchased a new position in shares of DNOW during the 4th quarter worth approximately $11,168,000. Invesco Ltd. grew its holdings in DNOW by 51.9% during the 4th quarter. Invesco Ltd. now owns 1,211,925 shares of the oil and gas company’s stock worth $16,058,000 after acquiring an additional 414,033 shares in the last quarter. Summit Global Investments increased its holdings in DNOW by 5.4% in the fourth quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 865 shares during the last quarter. Caitlin John LLC purchased a new position in shares of DNOW in the 4th quarter valued at about $274,000. Finally, Vident Advisory LLC raised its holdings in DNOW by 14.6% during the fourth quarter. Vident Advisory LLC now owns 42,170 shares of the oil and gas company’s stock worth $559,000 after purchasing an additional 5,371 shares in the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Company Profile

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.