DNOW (NYSE:DNOW) Shares Gap Down – Here’s Why

DNOW Inc. (NYSE:DNOW)’s share price gapped down before the market opened on Friday . The stock had previously closed at $16.36, but opened at $14.44. DNOW shares last traded at $13.31, with a volume of 650,189 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on DNOW. Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price objective for the company in a report on Friday, November 21st. Wall Street Zen raised shares of DNOW from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. Zacks Research raised DNOW from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Weiss Ratings reissued a “hold (c)” rating on shares of DNOW in a research report on Monday, December 29th. Finally, KeyCorp set a $19.00 price target on DNOW in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, DNOW has an average rating of “Buy” and an average price target of $17.67.

DNOW Stock Performance

The stock has a 50-day moving average of $14.60 and a two-hundred day moving average of $14.64. The company has a market cap of $1.39 billion, a P/E ratio of 15.19 and a beta of 0.79.

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 the consensus estimate of $0.15. The business had revenue of $959.00 million during the quarter, compared to analysts’ expectations of $969.50 million. DNOW had a net margin of 3.91% and a return on equity of 9.35%. The business’s revenue for the quarter was up 68.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 earnings per share. Research analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

Institutional Investors Weigh In On DNOW

Several large investors have recently bought and sold shares of the business. Blue Trust Inc. bought a new position in DNOW during the fourth quarter valued at approximately $25,000. Quarry LP grew its holdings in shares of DNOW by 712.6% in the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,703 shares during the period. Clearstead Advisors LLC increased its position in DNOW by 132.5% during the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 1,383 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in DNOW by 190.5% during the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 1,589 shares during the last quarter. Finally, Arax Advisory Partners lifted its holdings in DNOW by 336.3% in the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 2,156 shares during the period. 97.63% of the stock is currently owned by institutional investors.

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.