Freedom Broker Reiterates Hold Rating for DNOW (NYSE:DNOW)

Key Points

• Freedom Broker reaffirmed its “hold” rating on DNOW and maintained an $18 price target, implying 11.65% upside from the prior close.
• Analyst sentiment is mixed but leans positive: DNOW has a consensus “Moderate Buy” rating and an average price target of $18.20, with ratings ranging from Strong Buy to Sell.
• DNOW exceeded quarterly expectations, reporting $0.12 in EPS versus $0.09 forecast and $1.31 billion in revenue versus $1.27 billion expected; quarterly revenue increased 108.1% year over year.

DNOW (NYSE:DNOW - Get Free Report)'s stock had its "hold" rating reaffirmed by stock analysts at Freedom Broker in a report released on Thursday, Benzinga reports. They presently have a $18.00 price objective on the oil and gas company's stock. Freedom Broker's price target would indicate a potential upside of 11.65% from the stock's previous close.

Several other analysts also recently weighed in on DNOW. DA Davidson lifted their target price on DNOW from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of DNOW in a research note on Monday, August 24th. Susquehanna boosted their price objective on shares of DNOW from $16.00 to $19.00 and gave the company a "positive" rating in a research report on Friday, August 7th. Wall Street Zen raised shares of DNOW from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Zacks Research raised shares of DNOW from a "strong sell" rating to a "hold" rating in a research note on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, DNOW has a consensus rating of "Moderate Buy" and a consensus price target of $18.20.

DNOW Trading Down 0.2%

DNOW opened at $16.12 on Thursday. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of -15.07 and a beta of 0.87. The stock's 50 day moving average price is $14.84 and its 200-day moving average price is $13.40. DNOW has a one year low of $10.94 and a one year high of $17.26. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned $0.27 EPS. DNOW's quarterly revenue was up 108.1% compared to the same quarter last year. On average, equities analysts forecast that DNOW will post 0.34 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in DNOW. Sequoia Financial Advisors LLC lifted its stake in shares of DNOW by 2.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 86,530 shares of the oil and gas company's stock worth $1,122,000 after purchasing an additional 2,029 shares during the last quarter. Engineers Gate Manager LP purchased a new position in DNOW in the second quarter valued at about $154,000. NewEdge Advisors LLC grew its stake in DNOW by 9,487.8% in the second quarter. NewEdge Advisors LLC now owns 25,216 shares of the oil and gas company's stock valued at $327,000 after purchasing an additional 24,953 shares during the last quarter. Squarepoint Ops LLC raised its holdings in DNOW by 425.4% in the second quarter. Squarepoint Ops LLC now owns 338,802 shares of the oil and gas company's stock worth $4,394,000 after purchasing an additional 274,319 shares in the last quarter. Finally, Nykredit A S bought a new position in DNOW in the second quarter worth about $26,000. 97.63% of the stock is owned by institutional investors.

DNOW Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.