Bank of America Corp DE Raises Stock Position in DNOW Inc. $DNOW

Key Points

• Bank of America increased its DNOW stake by 82.5% in the first quarter, holding 1.42 million shares worth approximately $16.9 million. Institutional investors collectively own 97.63% of the company.
• DNOW beat quarterly earnings expectations, reporting $0.12 EPS versus the $0.09 estimate and $1.31 billion in revenue, up 108.1% year over year.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $18.25, compared with the stock’s recent opening price of $15.51.

Bank of America Corp DE grew its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 82.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,415,723 shares of the oil and gas company's stock after acquiring an additional 639,774 shares during the period. Bank of America Corp DE owned about 0.78% of DNOW worth $16,861,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Quarry LP raised its holdings in shares of DNOW by 712.6% in the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 1,703 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in DNOW by 8,060.0% during the first quarter. Sunbelt Securities Inc. now owns 2,448 shares of the oil and gas company's stock valued at $29,000 after buying an additional 2,418 shares during the period. Clearstead Advisors LLC raised its stake in DNOW by 132.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company's stock worth $32,000 after buying an additional 1,383 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in DNOW by 190.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company's stock worth $36,000 after buying an additional 1,589 shares in the last quarter. Finally, Arax Advisory Partners lifted 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 during the period. Hedge funds and other institutional investors own 97.63% of the company's stock.

DNOW Stock Down 0.6%

NYSE:DNOW opened at $15.51 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. DNOW Inc. has a twelve month low of $10.94 and a twelve month high of $17.26. The company has a market cap of $2.80 billion, a PE ratio of -14.50 and a beta of 0.82. The company's 50 day moving average is $14.13 and its two-hundred day moving average is $13.44.

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

Wall Street Analysts Forecast Growth

DNOW has been the topic of several analyst reports. DA Davidson lifted their target price on DNOW from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Weiss Ratings restated a "sell (d+)" rating on shares of DNOW in a report on Wednesday, May 27th. Freedom Capital raised shares of DNOW to a "strong-buy" rating in a research 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. Finally, Zacks Research upgraded shares of DNOW from a "strong sell" rating to a "hold" rating in a research note on Friday, May 22nd. One 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 given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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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