DNOW (NYSE:DNOW) Shares Gap Up – Here’s Why

DNOW Inc. (NYSE:DNOW) shares gapped up prior to trading on Friday . The stock had previously closed at $13.80, but opened at $14.47. DNOW shares last traded at $14.58, with a volume of 166,700 shares trading hands.

DNOW Trading Up 5.7 %

The business has a 50-day moving average of $13.95 and a 200 day moving average of $13.35. The firm has a market capitalization of $1.54 billion, a P/E ratio of 7.80 and a beta of 1.53.

DNOW (NYSE:DNOW) last issued its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The company had revenue of $606.00 million for the quarter, compared to analyst estimates of $614.92 million. During the same period in the prior year, the firm earned $0.25 earnings per share. DNOW’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts forecast that DNOW Inc. will post 0.81 EPS for the current year.

Insider Activity

In related news, Director Paul M. Coppinger sold 26,186 shares of the company’s stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the sale, the director now owns 56,568 shares in the company, valued at approximately $868,318.80. This represents a 31.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On DNOW

A number of hedge funds have recently bought and sold shares of the company. Eagle Asset Management Inc. lifted its holdings in DNOW by 15.5% during the third quarter. Eagle Asset Management Inc. now owns 277,298 shares of the oil and gas company’s stock worth $3,951,000 after acquiring an additional 37,178 shares during the period. AQR Capital Management LLC raised its stake in shares of DNOW by 21.9% during the 2nd quarter. AQR Capital Management LLC now owns 827,965 shares of the oil and gas company’s stock worth $11,368,000 after purchasing an additional 148,549 shares during the period. Global Alpha Capital Management Ltd. boosted its holdings in shares of DNOW by 1.9% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,622,426 shares of the oil and gas company’s stock worth $33,908,000 after buying an additional 48,900 shares during the last quarter. JPMorgan Chase & Co. grew its position in DNOW by 3.3% during the third quarter. JPMorgan Chase & Co. now owns 1,731,485 shares of the oil and gas company’s stock valued at $22,388,000 after buying an additional 54,660 shares during the period. Finally, Versor Investments LP purchased a new stake in DNOW during the third quarter worth about $463,000. 97.63% of the stock is 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.