DNOW (NYSE:DNOW) Shares Cross Above Fifty Day Moving Average – Here’s What Happened

DNOW Inc. (NYSE:DNOW)’s stock 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 traded.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Freedom Broker lowered DNOW from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a report on Thursday, September 10th. Weiss Ratings upgraded DNOW from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Susquehanna lifted their target price on DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a research report on Friday, August 7th. Finally, DA Davidson upped 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. One 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.20.

DNOW Stock Up 0.6%

The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.98 billion, a PE ratio of -15.42 and a beta of 0.89. The business’s 50-day simple moving average is $15.76 and its 200 day simple moving average is $14.06.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the company earned $0.27 EPS. The company’s revenue was up 108.1% compared to the same quarter last year. As a group, equities research analysts expect that DNOW Inc. will post 0.34 earnings per share for the current year.

Institutional Trading of DNOW

A number of hedge funds have recently bought and sold shares of DNOW. BlackRock Inc. purchased a new position in shares of DNOW in the 2nd quarter valued at $374,942,000. Wellington Management Group LLP boosted its position in DNOW by 15.6% during the second quarter. Wellington Management Group LLP now owns 19,513,068 shares of the oil and gas company’s stock valued at $253,084,000 after purchasing an additional 2,633,894 shares in the last quarter. Engine Capital Management LP purchased a new position in DNOW in the first quarter valued at about $61,525,000. First Trust Advisors LP grew its stake in DNOW by 2,335.0% in the first quarter. First Trust Advisors LP now owns 4,065,728 shares of the oil and gas company’s stock valued at $48,423,000 after purchasing an additional 3,898,758 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in DNOW in the second quarter valued at about $42,540,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.

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.