DNOW (NYSE:DNOW) Downgraded by StockNews.com to “Hold”

DNOW (NYSE:DNOW) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a report issued on Wednesday.

A number of other research analysts have also recently commented on DNOW. Susquehanna dropped their price target on DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus lifted their target price on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th.

DNOW Trading Down 4.3 %

DNOW stock traded down $0.61 during midday trading on Wednesday, reaching $13.45. The company’s stock had a trading volume of 1,273,768 shares, compared to its average volume of 1,003,054. The business has a 50-day moving average price of $13.86 and a 200-day moving average price of $13.62. The stock has a market cap of $1.44 billion, a PE ratio of 6.20 and a beta of 1.45. DNOW has a 52 week low of $9.44 and a 52 week high of $15.65.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Friday, May 10th. The oil and gas company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $563.00 million for the quarter, compared to analyst estimates of $569.15 million. DNOW had a net margin of 10.30% and a return on equity of 10.39%. DNOW’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. As a group, research analysts predict that DNOW will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC grew its holdings in shares of DNOW by 139.2% during the second quarter. Headlands Technologies LLC now owns 6,993 shares of the oil and gas company’s stock valued at $96,000 after buying an additional 4,070 shares during the last quarter. Quest Partners LLC purchased a new stake in DNOW in the second quarter worth approximately $94,000. LSV Asset Management boosted its holdings in DNOW by 54.0% in the second quarter. LSV Asset Management now owns 71,900 shares of the oil and gas company’s stock worth $987,000 after purchasing an additional 25,203 shares during the last quarter. Foundry Partners LLC bought a new stake in DNOW in the 2nd quarter worth approximately $539,000. Finally, Arizona State Retirement System raised its stake in DNOW by 4.3% during the 2nd quarter. Arizona State Retirement System now owns 30,485 shares of the oil and gas company’s stock valued at $419,000 after buying an additional 1,263 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

About DNOW

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.