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

DNOW Inc. (NYSE:DNOW)’s share price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $15.75 and traded as high as $16.18. DNOW shares last traded at $15.8790, with a volume of 1,559,435 shares.

Analyst Upgrades and Downgrades

DNOW has been the subject of several analyst reports. Susquehanna lifted their price objective on DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a report on Friday, August 7th. DA Davidson increased their target price on DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Wall Street Zen upgraded DNOW from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Freedom Broker downgraded DNOW from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research note on Thursday, September 10th. Finally, Weiss Ratings raised DNOW from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, DNOW currently has a consensus rating of “Moderate Buy” and an average target price of $18.20.

DNOW Stock Performance

The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. The company has a market cap of $2.87 billion, a P/E ratio of -14.84 and a beta of 0.89. The stock’s fifty day moving average price is $15.75 and its two-hundred day moving average price is $14.03.

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

Institutional Investors Weigh In On DNOW

A number of large investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of DNOW in the 2nd quarter valued at $374,942,000. Wellington Management Group LLP raised its holdings in shares of DNOW by 15.6% during the 2nd quarter. Wellington Management Group LLP now owns 19,513,068 shares of the oil and gas company’s stock worth $253,084,000 after buying an additional 2,633,894 shares in the last quarter. Engine Capital Management LP bought a new stake in shares of DNOW during the 1st quarter worth $61,525,000. First Trust Advisors LP lifted its position in shares of DNOW by 2,335.0% during the 1st quarter. First Trust Advisors LP now owns 4,065,728 shares of the oil and gas company’s stock worth $48,423,000 after buying an additional 3,898,758 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of DNOW during the 2nd quarter worth $42,540,000. Institutional investors and hedge funds own 97.63% of the company’s stock.

About DNOW

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.