Wall Street Zen Downgrades DNOW (NYSE:DNOW) to Hold

DNOW (NYSE:DNOW) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Sunday.

Other equities analysts also recently issued research reports about the company. Susquehanna upgraded DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price objective for the company in a research report on Friday, November 21st. Stifel Nicolaus lowered their target price on DNOW from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, February 23rd. KeyCorp set a $19.00 price target on DNOW in a report on Thursday, December 18th. Weiss Ratings downgraded shares of DNOW from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, February 27th. Finally, Zacks Research lowered shares of DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.00.

DNOW Stock Performance

NYSE DNOW opened at $11.82 on Friday. DNOW has a 1-year low of $11.34 and a 1-year high of $17.48. The company has a 50 day moving average of $14.18 and a 200-day moving average of $14.41. 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 cap of $1.24 billion, a price-to-earnings ratio of -40.75 and a beta of 0.80.

DNOW (NYSE:DNOW) last announced its earnings results on Friday, February 20th. The oil and gas company reported $0.15 EPS for the quarter, hitting the consensus estimate of $0.15. The business had revenue of $959.00 million for the quarter, compared to the consensus estimate of $969.50 million. DNOW had a positive return on equity of 7.26% and a negative net margin of 2.66%.DNOW’s revenue was up 68.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.25 EPS. On average, equities analysts forecast that DNOW will post 0.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On DNOW

Several hedge funds and other institutional investors have recently made changes to their positions in DNOW. Blue Trust Inc. bought a new stake in shares of DNOW during the fourth quarter worth $25,000. Quarry LP boosted its holdings in DNOW by 712.6% in the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,703 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in DNOW by 190.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 1,589 shares during the period. Clearstead Advisors LLC increased its position in DNOW by 132.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,383 shares during the period. Finally, Parkside Financial Bank & Trust raised its holdings in DNOW by 2,101.7% during the 3rd quarter. Parkside Financial Bank & Trust now owns 2,620 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 2,501 shares during the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

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.