DNOW (NYSE:DNOW) Shares Gap Down – What’s Next?

DNOW Inc. (NYSE:DNOW)’s share price gapped down prior to trading 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.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DNOW shares. Stifel Nicolaus restated a “buy” rating and issued a $18.00 target price on shares of DNOW in a report on Monday, November 24th. KeyCorp set a $19.00 price objective on DNOW in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of DNOW in a research note on Monday, December 29th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target on the stock in a research note on Friday, November 21st. Finally, Wall Street Zen raised shares of DNOW from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 14th. One investment 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. According to MarketBeat.com, DNOW presently has an average rating of “Buy” and an average price target of $17.67.

DNOW Trading Down 19.1%

The stock’s fifty day simple moving average is $14.60 and its 200-day simple moving average is $14.64. The stock has a market capitalization of $1.39 billion, a PE ratio of 15.19 and a beta of 0.79.

DNOW (NYSE:DNOW) last released its earnings results on Friday, February 20th. The oil and gas company reported $0.15 EPS for the quarter, hitting analysts’ consensus estimates of $0.15. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The company had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $969.50 million. During the same period in the previous year, the business posted $0.25 EPS. The business’s revenue for the quarter was up 68.0% compared to the same quarter last year. As a group, analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Institutional Trading of DNOW

Institutional investors and hedge funds have recently made changes to their positions in the stock. T. Rowe Price Investment Management Inc. bought a new position in shares of DNOW in the fourth quarter worth approximately $11,168,000. Invesco Ltd. boosted its holdings in shares of DNOW by 51.9% during the fourth quarter. Invesco Ltd. now owns 1,211,925 shares of the oil and gas company’s stock worth $16,058,000 after purchasing an additional 414,033 shares during the period. Summit Global Investments grew its stake in shares of DNOW by 5.4% in the fourth quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 865 shares during the last quarter. Caitlin John LLC purchased a new position in DNOW during the 4th quarter valued at about $274,000. Finally, Vident Advisory LLC lifted its holdings in DNOW by 14.6% in the 4th quarter. Vident Advisory LLC now owns 42,170 shares of the oil and gas company’s stock worth $559,000 after buying an additional 5,371 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

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.