DNOW (NYSE:DNOW) Upgraded to “Strong-Buy” at Wall Street Zen

DNOW (NYSE:DNOW) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Several other analysts also recently weighed in on DNOW. Zacks Research upgraded DNOW from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of DNOW in a report on Monday, December 29th. Stifel Nicolaus reissued a “buy” rating and issued a $18.00 price objective on shares of DNOW in a research report on Monday, November 24th. KeyCorp set a $19.00 target price on shares of DNOW in a research note on Thursday, December 18th. Finally, Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price on the stock in a research report on Friday, November 21st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $17.67.

DNOW Price Performance

NYSE:DNOW opened at $16.45 on Friday. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 18.90 and a beta of 0.79. The business has a 50 day simple moving average of $14.42 and a 200-day simple moving average of $14.62. DNOW has a 1 year low of $12.01 and a 1 year high of $17.83.

Institutional Investors Weigh In On DNOW

A number of hedge funds and other institutional investors have recently made changes to their positions in DNOW. Blue Trust Inc. purchased a new position in shares of DNOW in the 4th quarter valued at about $25,000. Quarry LP boosted its position in DNOW by 712.6% during the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,703 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings 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 valued at $36,000 after purchasing an additional 1,589 shares during the period. Clearstead Advisors LLC increased its position in shares of DNOW by 132.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 1,383 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in shares of 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 buying an additional 2,501 shares during the period. 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.