2,893,482 Shares in DNOW Inc. $DNOW Purchased by Pzena Investment Management LLC

Key Points

• Pzena Investment Management purchased 2,893,482 DNOW shares worth approximately $37.5 million, giving it a 1.59% stake. Institutional investors and hedge funds collectively own 97.63% of the company.
• DNOW reported quarterly EPS of $0.12, beating estimates of $0.09, while revenue reached $1.31 billion—up 108.1% year over year and above consensus expectations.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $18.25, with recent targets raised to $19.00; DNOW shares recently opened at $16.15.

Pzena Investment Management LLC purchased a new position in DNOW Inc. (NYSE:DNOW - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,893,482 shares of the oil and gas company's stock, valued at approximately $37,528,000. Pzena Investment Management LLC owned approximately 1.59% of DNOW at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Quarry LP boosted its position in shares of DNOW by 712.6% during the 4th quarter. Quarry LP now owns 1,942 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 1,703 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in shares of DNOW by 8,060.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,448 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 2,418 shares in the last quarter. Clearstead Advisors LLC lifted its stake in 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 during the last quarter. EverSource Wealth Advisors LLC lifted its stake in DNOW by 190.5% during the second 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. Finally, Arax Advisory Partners boosted its holdings in DNOW by 336.3% during the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company's stock worth $37,000 after buying an additional 2,156 shares in the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Stock Performance

DNOW stock opened at $16.15 on Tuesday. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The firm's 50 day simple moving average is $14.01 and its 200-day simple moving average is $13.42. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06. The company has a market cap of $2.92 billion, a P/E ratio of -15.09 and a beta of 0.82.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The business had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the firm earned $0.27 EPS. The firm's quarterly revenue was up 108.1% on a year-over-year basis. As a group, equities research analysts predict that DNOW Inc. will post 0.34 EPS for the current year.

Analysts Set New Price Targets

DNOW has been the topic of several recent research reports. DA Davidson lifted their price target on shares of DNOW from $17.00 to $19.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Freedom Capital upgraded DNOW to a "strong-buy" rating in a research report on Monday, June 22nd. Susquehanna raised their price objective on DNOW from $16.00 to $19.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. Wall Street Zen raised DNOW from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Zacks Research raised DNOW from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.25.

DNOW 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.

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