DXP Enterprises (NASDAQ:DXPE) Shares Gap Up - What's Next?

Key Points

• DXP Enterprises shares gapped higher, opening at $170.68 versus a prior close of $164.43, before trading near $169.95.
• Analyst sentiment is generally positive: the stock has a “Moderate Buy” consensus rating and an average price target of $187, while Stephens raised its target to $220.
• DXP exceeded quarterly expectations, reporting $1.76 in EPS versus a $1.59 estimate and revenue of $576.46 million versus $543 million expected; institutional investors own 74.82% of the shares.

DXP Enterprises, Inc. (NASDAQ:DXPE - Get Free Report) shares gapped up before the market opened on Wednesday. The stock had previously closed at $164.43, but opened at $170.68. DXP Enterprises shares last traded at $169.9470, with a volume of 4,120 shares.

Analyst Upgrades and Downgrades

DXPE has been the subject of a number of analyst reports. Stephens increased their price target on DXP Enterprises from $160.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Weiss Ratings cut shares of DXP Enterprises from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday. Finally, Wall Street Zen upgraded shares of DXP Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 17th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $187.00.

DXP Enterprises Trading Down 0.8%

The firm's fifty day moving average price is $183.37 and its 200-day moving average price is $160.13. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 29.28 and a beta of 1.03.

DXP Enterprises (NASDAQ:DXPE - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.17. The company had revenue of $576.46 million during the quarter, compared to the consensus estimate of $543.00 million.

Institutional Investors Weigh In On DXP Enterprises

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in DXP Enterprises in the second quarter worth about $13,566,000. First Trust Advisors LP raised its holdings in shares of DXP Enterprises by 1.1% in the first quarter. First Trust Advisors LP now owns 68,634 shares of the industrial products company's stock worth $9,590,000 after buying an additional 756 shares during the last quarter. Congress Asset Management Co. increased its position in shares of DXP Enterprises by 21.7% in the 3rd quarter. Congress Asset Management Co. now owns 64,015 shares of the industrial products company's stock valued at $11,600,000 after acquiring an additional 11,423 shares during the period. Globeflex Capital L P acquired a new stake in shares of DXP Enterprises during the second quarter worth about $6,507,000. Finally, SummerHaven Investment Management LLC increased its stake in shares of DXP Enterprises by 110.6% in the third quarter. SummerHaven Investment Management LLC now owns 17,271 shares of the industrial products company's stock worth $3,130,000 after acquiring an additional 9,070 shares during the period. 74.82% of the stock is owned by hedge funds and other institutional investors.

DXP Enterprises Company Profile

DXP Enterprises, Inc is an industrial distribution and services company headquartered in Houston, Texas. The company supplies maintenance, repair and operating products used by industrial, commercial and government customers, with an emphasis on rotating equipment, fluid handling and related industrial applications.

Its product offerings include pumps, valves, bearings, power-transmission components, hose and rubber products, industrial supplies, safety equipment and other maintenance products.

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