DNOW (NYSE:DNOW) Rating Increased to Strong-Buy at Wall Street Zen

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

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

DNOW Trading Up 1.8%

Shares of DNOW stock opened at $16.45 on Friday. DNOW has a 12 month low of $12.01 and a 12 month high of $17.83. The stock has a market capitalization of $1.73 billion, a P/E ratio of 18.90 and a beta of 0.79. The firm’s 50 day moving average is $14.42 and its 200 day moving average is $14.62.

Hedge Funds Weigh In On DNOW

Several large investors have recently modified their holdings of the stock. Blue Trust Inc. bought a new position in shares of DNOW during the fourth quarter worth $25,000. Quarry LP lifted its stake in DNOW by 712.6% in the 4th 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 boosted its holdings in shares of DNOW by 190.5% during the 2nd 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 last quarter. Clearstead Advisors LLC grew its position in shares of DNOW by 132.5% during the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,383 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in shares of DNOW by 2,101.7% during the third quarter. Parkside Financial Bank & Trust now owns 2,620 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 2,501 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

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.