American Century Companies Inc. Grows Stake in DNOW Inc. $DNOW

Key Points

• American Century Companies Inc. increased its stake in DNOW Inc. by 16.8%, acquiring an additional 288,311 shares in the first quarter.
• DNOW reported a quarterly EPS of $0.27, surpassing the estimated $0.22, with revenues reaching $628 million.
• Equities analysts have given DNOW an average rating of "Buy", with the consensus target price being $18.00.

American Century Companies Inc. increased its position in DNOW Inc. (NYSE:DNOW - Free Report) by 16.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,003,050 shares of the oil and gas company's stock after buying an additional 288,311 shares during the quarter. American Century Companies Inc. owned 1.90% of DNOW worth $34,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in DNOW in the 1st quarter worth approximately $220,000. GAMMA Investing LLC lifted its position in DNOW by 122.1% in the first quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock valued at $32,000 after purchasing an additional 1,022 shares during the last quarter. Principal Financial Group Inc. lifted its position in DNOW by 2.5% in the first quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company's stock valued at $8,986,000 after purchasing an additional 12,797 shares during the last quarter. CWM LLC lifted its position in DNOW by 111.0% in the first quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock valued at $115,000 after purchasing an additional 3,539 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in DNOW in the first quarter valued at approximately $250,000. Institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on DNOW shares. Zacks Research upgraded DNOW to a "strong-buy" rating in a research report on Friday, August 8th. Stifel Nicolaus lowered their price objective on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, DNOW has a consensus rating of "Buy" and an average target price of $18.00.

DNOW Price Performance

DNOW stock traded up $0.06 during midday trading on Wednesday, hitting $15.96. The stock had a trading volume of 705,891 shares, compared to its average volume of 1,282,161. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 20.99 and a beta of 1.13. The business has a 50-day moving average of $14.87 and a two-hundred day moving average of $15.31. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $628.00 million for the quarter, compared to analysts' expectations of $612.60 million. DNOW had a return on equity of 8.97% and a net margin of 3.45%.The firm's revenue for the quarter was down .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Research analysts predict that DNOW Inc. will post 0.86 earnings per share for the current year.

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.