DNOW (NYSE:DNOW) Sees Unusually-High Trading Volume – Time to Buy?

Shares of DNOW Inc. (NYSE:DNOW) saw unusually-high trading volume on Wednesday . Approximately 1,659,635 shares changed hands during mid-day trading, an increase of 77% from the previous session’s volume of 935,218 shares.The stock last traded at $11.78 and had previously closed at $11.65.

Wall Street Analyst Weigh In

DNOW has been the topic of a number of recent research reports. Susquehanna cut their target price on DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Stifel Nicolaus lifted their price objective on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 18th.

DNOW Stock Up 1.0 %

The business’s 50 day moving average is $12.51 and its two-hundred day moving average is $13.42. The firm has a market capitalization of $1.25 billion, a P/E ratio of 5.62 and a beta of 1.43.

DNOW (NYSE:DNOW) last released its earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The firm had revenue of $633.00 million for the quarter, compared to analyst estimates of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. As a group, equities analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of DNOW. Allspring Global Investments Holdings LLC grew its holdings in DNOW by 1,062.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 2,561 shares during the period. Headlands Technologies LLC purchased a new position in DNOW in the 1st quarter worth about $44,000. Quarry LP increased its stake in DNOW by 75.6% in the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 1,908 shares in the last quarter. Innealta Capital LLC purchased a new position in DNOW in the 2nd quarter worth about $67,000. Finally, nVerses Capital LLC purchased a new position in DNOW in the 3rd quarter worth about $78,000. 97.63% of the stock is owned by institutional investors and hedge funds.

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.