Freedom Capital Upgrades DNOW (NYSE:DNOW) to Strong-Buy

DNOW (NYSE:DNOW) was upgraded by Freedom Capital to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on DNOW. Zacks Research upgraded DNOW from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. Stifel Nicolaus reduced their price target on DNOW from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Wall Street Zen lowered DNOW from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of DNOW in a research report on Wednesday, May 27th. Finally, DA Davidson started coverage on shares of DNOW in a research note on Tuesday, June 16th. They set a “buy” rating and a $17.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

DNOW Price Performance

Shares of NYSE DNOW opened at $13.40 on Monday. DNOW has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The company has a 50 day simple moving average of $13.07 and a two-hundred day simple moving average of $13.36. The company has a market capitalization of $2.45 billion, a price-to-earnings ratio of -18.36 and a beta of 0.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 2.42.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.04). DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the previous year, the business posted $0.22 earnings per share. DNOW’s revenue for the quarter was up 97.5% on a year-over-year basis. Analysts expect that DNOW will post 0.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Covestor Ltd raised its holdings 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 valued at $61,000 after purchasing an additional 626 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of 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 valued at $603,000 after purchasing an additional 860 shares in the last quarter. Summit Global Investments increased its holdings 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 valued at $225,000 after buying an additional 865 shares during the period. PNC Financial Services Group Inc. raised its stake 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 buying an additional 892 shares in the last quarter. Finally, Investors Research Corp raised its stake in DNOW by 61.1% in the fourth quarter. Investors Research Corp now owns 3,001 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,138 shares in 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.