DNOW (NYSE:DNOW) Sets New 1-Year Low – Here’s What Happened

DNOW Inc. (NYSE:DNOW)’s stock price hit a new 52-week low during trading on Wednesday . The stock traded as low as $11.28 and last traded at $11.4060, with a volume of 290425 shares changing hands. The stock had previously closed at $11.63.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on DNOW shares. Stifel Nicolaus cut their target price on shares of DNOW from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. Zacks Research lowered DNOW from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 23rd. Wall Street Zen downgraded DNOW from a “buy” rating to a “hold” rating in a report on Sunday. Weiss Ratings lowered DNOW from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, February 27th. Finally, Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target on the stock in a research report on Friday, November 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, DNOW presently has an average rating of “Hold” and an average target price of $17.00.

DNOW Price Performance

The company has a 50-day moving average of $14.15 and a 200-day moving average of $14.38. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.11 and a current ratio of 2.34. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -39.98 and a beta of 0.79.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.15. DNOW had a negative net margin of 2.66% and a positive return on equity of 7.26%. The firm had revenue of $959.00 million for the quarter, compared to analyst estimates of $969.50 million. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The business’s revenue was up 68.0% on a year-over-year basis. As a group, research analysts anticipate that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Hedge Funds Weigh In On DNOW

A number of large investors have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. acquired a new position in DNOW during the fourth quarter worth $11,168,000. Invesco Ltd. lifted its stake in DNOW by 51.9% in the fourth quarter. Invesco Ltd. now owns 1,211,925 shares of the oil and gas company’s stock valued at $16,058,000 after acquiring an additional 414,033 shares during the last quarter. Summit Global Investments grew its position in shares of DNOW by 5.4% in the 4th quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock valued at $225,000 after acquiring an additional 865 shares during the period. Caitlin John LLC acquired a new position in shares of DNOW during the 4th quarter worth about $274,000. Finally, Vident Advisory LLC raised its holdings in shares of DNOW by 14.6% in the 4th quarter. Vident Advisory LLC now owns 42,170 shares of the oil and gas company’s stock valued at $559,000 after purchasing an additional 5,371 shares during the period. Institutional investors and hedge funds 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.