DNOW (NYSE:DNOW) Reaches New 52-Week Low – Here’s What Happened

DNOW Inc. (NYSE:DNOW) shares hit a new 52-week low on Wednesday . The company traded as low as $12.01 and last traded at $12.2420, with a volume of 2143689 shares trading hands. The stock had previously closed at $12.18.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DNOW. Weiss Ratings restated a “hold (c+)” rating on shares of DNOW in a research note on Wednesday, October 8th. Zacks Research cut DNOW from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.00.

DNOW Stock Performance

The company has a market capitalization of $1.29 billion, a PE ratio of 14.07 and a beta of 1.01. The company’s 50-day simple moving average is $14.62 and its 200-day simple moving average is $14.86.

DNOW (NYSE:DNOW) last announced its earnings results on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. DNOW had a net margin of 3.91% and a return on equity of 9.35%. The business had revenue of $634.00 million during the quarter, compared to the consensus estimate of $637.13 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. Analysts expect that DNOW Inc. will post 0.86 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DNOW. Brooklyn Investment Group increased its holdings in shares of DNOW by 2,650.0% in the first quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 1,643 shares during the period. EverSource Wealth Advisors LLC grew its position in DNOW by 190.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock valued at $36,000 after buying an additional 1,589 shares during the last quarter. Parkside Financial Bank & Trust grew its position in DNOW by 2,101.7% in the 3rd quarter. Parkside Financial Bank & Trust now owns 2,620 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 2,501 shares during the last quarter. Headlands Technologies LLC increased its stake in DNOW by 21,663.6% in the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 2,383 shares during the period. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in DNOW during the 3rd quarter worth $44,000. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Company Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.