Zacks Research Upgrades DNOW (NYSE:DNOW) to “Strong-Buy”

DNOW (NYSE:DNOW) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Several other analysts have also recently weighed in on the company. Wall Street Zen upgraded DNOW from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of DNOW in a research report on Monday. Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target for the company in a research report on Friday, November 21st. Stifel Nicolaus reiterated a “buy” rating and set a $18.00 price target on shares of DNOW in a report on Monday, November 24th. 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 stock. According to data from MarketBeat, DNOW presently has a consensus rating of “Buy” and a consensus target price of $17.67.

DNOW Stock Performance

NYSE DNOW opened at $13.36 on Thursday. The firm’s fifty day moving average price is $13.73 and its two-hundred day moving average price is $14.59. The stock has a market cap of $1.40 billion, a PE ratio of 15.35 and a beta of 0.76. DNOW has a fifty-two week low of $12.01 and a fifty-two week high of $18.45.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $634.00 million for the quarter, compared to the consensus estimate of $637.13 million. DNOW had a return on equity of 9.35% and a net margin of 3.91%.DNOW’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business posted $0.21 EPS. As a group, sell-side analysts predict that DNOW will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DNOW

Hedge funds have recently bought and sold shares of the company. SummerHaven Investment Management LLC raised its position in shares of DNOW by 1.5% in the 2nd quarter. SummerHaven Investment Management LLC now owns 61,228 shares of the oil and gas company’s stock worth $908,000 after acquiring an additional 909 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in DNOW by 14.7% in the third quarter. PNC Financial Services Group Inc. now owns 7,299 shares of the oil and gas company’s stock valued at $111,000 after buying an additional 937 shares during the period. Amalgamated Bank lifted its stake in DNOW by 3.4% in the third quarter. Amalgamated Bank now owns 31,215 shares of the oil and gas company’s stock valued at $476,000 after buying an additional 1,040 shares during the period. Sequoia Financial Advisors LLC boosted its holdings in shares of DNOW by 1.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 82,817 shares of the oil and gas company’s stock worth $1,263,000 after buying an additional 1,392 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of DNOW by 190.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after buying an additional 1,589 shares during the period. 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.