DNOW (NYSE:DNOW) Downgraded by StockNews.com to "Hold"

StockNews.com cut shares of DNOW (NYSE:DNOW - Free Report) from a buy rating to a hold rating in a research report released on Friday morning.

A number of other equities analysts also recently issued reports on DNOW. Susquehanna decreased their price target on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Stifel Nicolaus increased their target price on DNOW from $17.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, February 14th.

DNOW Price Performance

DNOW traded up $0.04 during midday trading on Friday, reaching $15.56. 297,668 shares of the company's stock traded hands, compared to its average volume of 918,033. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45. The firm has a fifty day moving average of $15.89 and a two-hundred day moving average of $14.47. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 21.32 and a beta of 1.21.

DNOW (NYSE:DNOW - Get Free Report) last announced its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. Sell-side analysts forecast that DNOW will post 0.86 EPS for the current year.

DNOW announced that its board has approved a stock repurchase program on Friday, January 24th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the oil and gas company to buy up to 10% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On DNOW

Several large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its position in shares of DNOW by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 885 shares during the last quarter. GAMMA Investing LLC raised its holdings in DNOW by 122.1% in the first quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after buying an additional 1,022 shares during the last quarter. Quarry LP lifted its stake in shares of DNOW by 69.2% in the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company's stock worth $73,000 after buying an additional 2,281 shares in the last quarter. KBC Group NV grew its holdings in shares of DNOW by 72.4% during the fourth quarter. KBC Group NV now owns 6,560 shares of the oil and gas company's stock valued at $85,000 after buying an additional 2,754 shares during the last quarter. Finally, Quantinno Capital Management LP bought a new stake in shares of DNOW during the fourth quarter valued at approximately $166,000. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

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.