DNOW (NYSE:DNOW) Trading Down 3.6% – Time to Sell?

Shares of DNOW Inc. (NYSE:DNOW) dropped 3.6% during trading on Thursday . The stock traded as low as $13.62 and last traded at $13.5190. Approximately 477,489 shares traded hands during trading, a decline of 65% from the average daily volume of 1,359,357 shares. The stock had previously closed at $14.02.

Analysts Set New Price Targets

Several research firms recently commented on DNOW. Zacks Research lowered shares of DNOW from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target on the stock in a research report on Friday, November 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of DNOW in a research report on Wednesday, October 8th. Wall Street Zen upgraded DNOW from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, KeyCorp set a $19.00 price target on DNOW in a research note on Thursday. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.67.

DNOW Stock Performance

The stock has a 50 day moving average of $13.91 and a 200-day moving average of $14.68. The company has a market cap of $1.44 billion, a PE ratio of 15.72 and a beta of 0.81.

DNOW (NYSE:DNOW) last issued its quarterly 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. The company had revenue of $634.00 million for the quarter, compared to the consensus estimate of $637.13 million. DNOW had a net margin of 3.91% and a return on equity of 9.35%. DNOW’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.21 EPS. Equities research analysts forecast that DNOW Inc. will post 0.86 EPS for the current year.

Institutional Investors Weigh In On DNOW

A number of hedge funds and other institutional investors have recently made changes to their positions in DNOW. Inspire Investing LLC raised its stake in DNOW by 118.9% in the 1st quarter. Inspire Investing LLC now owns 67,342 shares of the oil and gas company’s stock valued at $1,150,000 after purchasing an additional 36,574 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of DNOW by 210.8% during the first quarter. Jane Street Group LLC now owns 738,843 shares of the oil and gas company’s stock worth $12,619,000 after buying an additional 501,088 shares in the last quarter. First Citizens Bank & Trust Co. raised its position in shares of DNOW by 203.4% in the second quarter. First Citizens Bank & Trust Co. now owns 49,815 shares of the oil and gas company’s stock valued at $739,000 after buying an additional 33,396 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of DNOW by 57.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,797,651 shares of the oil and gas company’s stock valued at $26,659,000 after buying an additional 654,490 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of DNOW by 19.3% in the second quarter. American Century Companies Inc. now owns 2,389,433 shares of the oil and gas company’s stock worth $35,435,000 after buying an additional 386,383 shares in the last quarter. Institutional investors and hedge funds 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.