DNOW (NYSE:DNOW) Sees Unusually-High Trading Volume – What’s Next?

DNOW Inc. (NYSE:DNOW) shares saw strong trading volume on Monday . 1,530,231 shares were traded during mid-day trading, a decline of 39% from the previous session’s volume of 2,491,743 shares.The stock last traded at $12.3230 and had previously closed at $13.23.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on DNOW. Wall Street Zen upgraded DNOW from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 14th. Weiss Ratings reissued a “hold (c)” rating on shares of DNOW in a research note on Monday, December 29th. Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price on the stock in a research note on Friday, November 21st. Zacks Research lowered shares of DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday. Finally, KeyCorp set a $19.00 price target on shares of DNOW in a research note on Thursday, December 18th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, DNOW presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

DNOW Stock Performance

The stock has a 50-day moving average of $14.50 and a 200 day moving average of $14.58. The stock has a market cap of $1.22 billion, a PE ratio of -40.22 and a beta of 0.79. The company has a quick ratio of 1.11, a current ratio of 2.34 and a debt-to-equity ratio of 0.18.

DNOW (NYSE:DNOW) last issued its earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.15. DNOW had a positive return on equity of 7.26% and a negative net margin of 2.66%.The business had revenue of $959.00 million during the quarter, compared to the consensus estimate of $969.50 million. During the same period last year, the company earned $0.25 EPS. The company’s revenue for the quarter was up 68.0% on a year-over-year basis. Equities analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Hedge Funds Weigh In On DNOW

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of DNOW by 66.1% during the 4th quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock valued at $258,351,000 after buying an additional 7,762,071 shares during the period. Wellington Management Group LLP raised its position in DNOW by 187.2% in the fourth quarter. Wellington Management Group LLP now owns 10,813,205 shares of the oil and gas company’s stock valued at $143,275,000 after purchasing an additional 7,048,382 shares during the period. Boston Partners acquired a new position in shares of DNOW in the 3rd quarter valued at $72,302,000. Pzena Investment Management LLC purchased a new position in shares of DNOW during the 4th quarter worth $55,135,000. Finally, Dimensional Fund Advisors LP increased its position in shares of DNOW by 60.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,374,585 shares of the oil and gas company’s stock worth $137,466,000 after purchasing an additional 3,920,731 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Company Profile

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.