DNOW (NYSE:DNOW) Reaches New 52-Week Low – What’s Next?

Shares of DNOW Inc. (NYSE:DNOW) hit a new 52-week low on Tuesday . The company traded as low as $10.95 and last traded at $10.9950, with a volume of 769204 shares. The stock had previously closed at $11.20.

Wall Street Analysts Forecast Growth

DNOW has been the topic of several recent research reports. Weiss Ratings lowered DNOW from a “hold (c)” rating to a “sell (d+)” rating in a report on Friday, February 27th. Stifel Nicolaus dropped their price target on DNOW from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. KeyCorp set a $19.00 target price on shares of DNOW in a research report on Thursday, December 18th. Susquehanna upgraded DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price objective on the stock in a research note on Friday, November 21st. Finally, Wall Street Zen downgraded DNOW from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $17.00.

DNOW Stock Down 2.2%

The stock has a 50 day simple moving average of $13.99 and a 200 day simple moving average of $14.25. The company has a current ratio of 2.34, a quick ratio of 1.11 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $1.15 billion, a PE ratio of -37.74 and a beta of 0.80.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.15. The business had revenue of $959.00 million for the quarter, compared to analyst estimates of $969.50 million. DNOW had a negative net margin of 2.66% and a positive return on equity of 7.26%. The company’s revenue was up 68.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. As a group, sell-side analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current year.

Hedge Funds Weigh In On DNOW

Hedge funds and other institutional investors have recently modified their holdings of the stock. Covestor Ltd boosted its position in DNOW by 15.7% during the 4th quarter. Covestor Ltd now owns 4,614 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 626 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of DNOW by 1.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 45,540 shares of the oil and gas company’s stock worth $603,000 after buying an additional 860 shares in the last quarter. Summit Global Investments boosted its stake in DNOW by 5.4% during the 4th quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock valued at $225,000 after purchasing an additional 865 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of DNOW by 12.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,191 shares of the oil and gas company’s stock valued at $109,000 after buying an additional 892 shares during the last quarter. Finally, Amalgamated Bank grew its stake in shares of DNOW by 3.4% in the third quarter. Amalgamated Bank now owns 31,215 shares of the oil and gas company’s stock worth $476,000 after acquiring an additional 1,040 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Company Profile

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.