DNOW (NYSE:DNOW) Shares Cross Above 200-Day Moving Average – Here’s What Happened

DNOW Inc. (NYSE:DNOW)’s share price passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $14.10 and traded as high as $14.32. DNOW shares last traded at $14.2750, with a volume of 1,737,468 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DNOW. DA Davidson increased their target price on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Susquehanna decreased their target price on shares of DNOW from $19.00 to $18.00 and set a “positive” rating for the company in a research note on Friday, November 6th. Weiss Ratings cut shares of DNOW from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday. Wall Street Zen raised shares of DNOW from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Freedom Broker raised shares of DNOW from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.00.

DNOW Price Performance

The company’s 50-day simple moving average is $15.55 and its 200 day simple moving average is $14.10. The company has a market capitalization of $2.50 billion, a P/E ratio of -11.98 and a beta of 0.95. The company has a quick ratio of 1.07, a current ratio of 2.08 and a debt-to-equity ratio of 0.18.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Thursday, November 5th. The oil and gas company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.35 billion. DNOW had a negative net margin of 3.89% and a positive return on equity of 3.77%. DNOW’s revenue for the quarter was up 110.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.26 EPS. As a group, sell-side analysts expect that DNOW Inc. will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DNOW

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in DNOW during the second quarter valued at about $374,942,000. Engine Capital Management LP bought a new stake in shares of DNOW in the 1st quarter worth approximately $61,525,000. First Trust Advisors LP lifted its position in shares of DNOW by 2,335.0% in the 1st quarter. First Trust Advisors LP now owns 4,065,728 shares of the oil and gas company’s stock worth $48,423,000 after acquiring an additional 3,898,758 shares during the period. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of DNOW in the 2nd quarter worth approximately $42,540,000. Finally, ACK Asset Management LLC acquired a new stake in shares of DNOW during the 2nd quarter worth approximately $38,910,000. Institutional investors and hedge funds own 97.63% of the company’s stock.

About DNOW

DNOW Inc. (NYSE: DNOW) distributes products and provides supply-chain and related services to energy and industrial customers. Its offerings include pipe, valves, fittings, flanges, instrumentation, electrical products, and safety and maintenance supplies. The company supports customers across the energy value chain, including upstream, midstream, and downstream operations, as well as other industrial markets. Its services include procurement, inventory management, logistics, and technical support, with operations serving customers in North America and international markets.