ACK Asset Management LLC Invests $38.91 Million in DNOW Inc. $DNOW

Key Points

• ACK Asset Management acquired 3 million DNOW shares in the second quarter, valued at approximately $38.91 million. The position represents about 4.5% of the fund’s portfolio and 1.66% of DNOW’s outstanding shares.
• DNOW reported quarterly EPS of $0.12, beating estimates of $0.09, while revenue reached $1.31 billion and increased 108.1% year over year. Institutional investors collectively own 97.63% of the company.
• Analyst sentiment is moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $18.25 versus the stock’s reported price of $15.69.

ACK Asset Management LLC acquired a new stake in DNOW Inc. (NYSE:DNOW - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,000,000 shares of the oil and gas company's stock, valued at approximately $38,910,000. DNOW comprises approximately 4.5% of ACK Asset Management LLC's investment portfolio, making the stock its 12th biggest holding. ACK Asset Management LLC owned approximately 1.66% of DNOW as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Royal Bank of Canada increased its position in DNOW by 28.2% in the first quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company's stock worth $611,000 after purchasing an additional 7,867 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of DNOW by 53.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,708 shares of the oil and gas company's stock valued at $6,127,000 after purchasing an additional 124,797 shares during the period. Norges Bank acquired a new position in shares of DNOW in the 2nd quarter valued at $1,192,000. Quantbot Technologies LP bought a new position in shares of DNOW in the 2nd quarter worth $283,000. Finally, Invesco Ltd. boosted its position in shares of DNOW by 31.1% in the 2nd quarter. Invesco Ltd. now owns 792,481 shares of the oil and gas company's stock worth $11,752,000 after purchasing an additional 187,878 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

DNOW Stock Up 0.1%

Shares of NYSE DNOW opened at $15.69 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. The stock has a market capitalization of $2.84 billion, a P/E ratio of -14.66 and a beta of 0.82. The stock's fifty day moving average is $14.16 and its 200 day moving average is $13.44. DNOW Inc. has a 52 week low of $10.94 and a 52 week high of $17.26.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.DNOW's revenue for the quarter was up 108.1% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. Sell-side analysts forecast that DNOW Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DNOW. Zacks Research upgraded shares of DNOW from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. Freedom Capital upgraded shares of DNOW to a "strong-buy" rating in a report on Monday, June 22nd. Wall Street Zen raised shares of DNOW from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings reissued a "sell (d+)" rating on shares of DNOW in a report on Wednesday, May 27th. Finally, Susquehanna upped their price objective on shares of DNOW from $16.00 to $19.00 and gave the company a "positive" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $18.25.

About DNOW

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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