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

DNOW Inc. (NYSE:DNOW) saw unusually-high 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 Analyst Weigh In

DNOW has been the topic of several research analyst reports. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Susquehanna lowered 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. Finally, Stifel Nicolaus lifted their target price on DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 18th.

DNOW Trading Up 1.0 %

The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 5.62 and a beta of 1.43. The company has a fifty day moving average price of $12.51 and a 200-day moving average price of $13.42.

DNOW (NYSE:DNOW) 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 the consensus estimate 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 net margin of 9.70% and a return on equity of 9.93%. As a group, sell-side analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Institutional Investors Weigh In On DNOW

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its holdings in DNOW by 751.6% in the 1st quarter. Sei Investments Co. now owns 131,258 shares of the oil and gas company’s stock worth $1,995,000 after purchasing an additional 115,844 shares during the last quarter. First Hawaiian Bank acquired a new stake in DNOW in the 2nd quarter worth approximately $508,000. Janney Montgomery Scott LLC acquired a new stake in DNOW in the 1st quarter worth approximately $555,000. Hillsdale Investment Management Inc. acquired a new stake in DNOW in the 1st quarter worth approximately $4,241,000. Finally, CWM LLC lifted its holdings in DNOW by 144.9% in the 2nd quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock worth $93,000 after purchasing an additional 4,004 shares during the last quarter. 97.63% of the stock is currently 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.