Shares of DNOW Inc. (NYSE:DNOW – Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 1,659,635 shares were traded during 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 Analysts Forecast Growth
A number of equities research analysts recently weighed in on the stock. Susquehanna lowered their target price on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Stifel Nicolaus boosted their target price on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.
Check Out Our Latest Stock Report on DNOW
DNOW Stock Up 1.6 %
DNOW (NYSE:DNOW – Get Free Report) last announced its quarterly 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). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. As a group, equities analysts anticipate that DNOW Inc. will post 0.85 EPS for the current year.
Hedge Funds Weigh In On DNOW
Hedge funds have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in DNOW by 1,062.7% during the 2nd 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 during the first quarter worth $44,000. Quarry LP increased its position in DNOW by 75.6% during the second quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock worth $61,000 after buying an additional 1,908 shares in the last quarter. Innealta Capital LLC purchased a new position in DNOW during the second quarter worth $67,000. Finally, nVerses Capital LLC purchased a new position in DNOW during the third quarter worth $78,000. Institutional investors and hedge funds own 97.63% of the company’s stock.
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.
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