DNOW (NYSE:DNOW) Share Price Breaks Above 50 Day Moving Average – What’s Next?

DNOW Inc. (NYSE:DNOW)’s share price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $15.82 and traded as high as $16.40. DNOW shares last traded at $16.1450, with a volume of 2,287,735 shares traded.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Weiss Ratings raised shares of DNOW from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Freedom Broker cut DNOW from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Thursday, September 10th. Wall Street Zen upgraded DNOW from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. DA Davidson increased their price target on DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Finally, Susquehanna raised their price target on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.20.

DNOW Price Performance

The stock has a market capitalization of $2.92 billion, a PE ratio of -15.09 and a beta of 0.95. The company has a quick ratio of 1.06, a current ratio of 2.14 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average price is $15.82 and its 200-day moving average price is $14.11.

DNOW (NYSE:DNOW) last posted its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The firm’s revenue was up 108.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 EPS. As a group, equities analysts forecast that DNOW Inc. will post 0.34 EPS for the current year.

Hedge Funds Weigh In On DNOW

A number of hedge funds have recently added to or reduced their stakes in DNOW. Nykredit A S purchased a new position in shares of DNOW during the second quarter worth approximately $26,000. Sunbelt Securities Inc. boosted its holdings in shares of DNOW by 8,060.0% in the first quarter. Sunbelt Securities Inc. now owns 2,448 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 2,418 shares during the period. Parallel Advisors LLC boosted its holdings in shares of DNOW by 698.8% in the third quarter. Parallel Advisors LLC now owns 2,636 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 2,306 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in DNOW in the first quarter worth approximately $45,000. Finally, TrinityBridge Ltd bought a new position in DNOW in the second quarter worth approximately $54,000. 97.63% of the stock is currently owned by institutional investors.

DNOW Company Profile

DNOW Inc (NYSE: DNOW) is a global distributor of products and services used in the energy and industrial sectors. The company supplies equipment and materials for upstream, midstream and downstream oil and gas operations, as well as related industrial, utility and infrastructure markets.

Its offerings include pipe, valves, fittings, flanges, and other mechanical products; production and artificial-lift equipment; electrical and instrumentation products; and maintenance, repair and operating supplies.