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

DNOW Inc. (NYSE:DNOW) shares gapped up before the market opened 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.

DNOW Stock Performance

The firm’s fifty day simple moving average is $13.95 and its 200 day simple moving average is $13.35. The stock 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 announced its quarterly earnings data on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The business had revenue of $606.00 million for the quarter, compared to analysts’ expectations of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. Analysts anticipate that DNOW Inc. will post 0.81 earnings per share for the current fiscal year.

Insider Buying and Selling at DNOW

In other news, Director Paul M. Coppinger sold 26,186 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the transaction, the director now directly 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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On DNOW

A number of institutional investors and hedge funds have recently bought and sold shares of DNOW. Dimensional Fund Advisors LP raised its position in shares of DNOW by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after acquiring an additional 390,671 shares during the last quarter. Pacer Advisors Inc. lifted its position in shares of DNOW by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock worth $82,063,000 after purchasing an additional 543,403 shares during the period. Global Alpha Capital Management Ltd. boosted its stake 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 valued at $33,908,000 after purchasing an additional 48,900 shares during the last quarter. JPMorgan Chase & Co. raised its stake 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 worth $22,388,000 after buying an additional 54,660 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in DNOW by 0.8% during the third quarter. Wellington Management Group LLP now owns 1,138,287 shares of the oil and gas company’s stock worth $14,718,000 after buying an additional 8,675 shares during the last quarter. Institutional investors and hedge funds 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.