DNOW (NYSE:DNOW) Sees Strong Trading Volume – Time to Buy?

DNOW Inc. (NYSE:DNOW) shares saw unusually-high trading volume on Wednesday . Approximately 300,747 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 475,580 shares.The stock last traded at $13.49 and had previously closed at $13.42.

DNOW Stock Down 0.1 %

The firm has a market capitalization of $1.42 billion, a P/E ratio of 7.17 and a beta of 1.53. The firm has a 50 day moving average of $14.03 and a 200-day moving average of $13.33.

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

Insider Buying and Selling

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of the sale, the director now directly owns 56,568 shares in the company, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On DNOW

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV lifted its position in DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,190 shares in the last quarter. Quarry LP lifted its stake in DNOW by 75.6% during the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 1,908 shares in the last quarter. nVerses Capital LLC purchased a new position in DNOW during the 3rd quarter worth $78,000. Quest Partners LLC bought a new stake in shares of DNOW in the 2nd quarter worth $94,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of DNOW in the second quarter valued at about $95,000. Institutional investors own 97.63% of the company’s stock.

DNOW Company Profile

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.