BlackRock Inc. acquired a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 28,908,385 shares of the oil and gas company's stock, valued at approximately $374,942,000. BlackRock Inc. owned about 15.84% of DNOW at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of DNOW. Quarry LP boosted its stake in 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 during the last quarter. Sunbelt Securities Inc. boosted its stake in 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 during the period. Clearstead Advisors LLC boosted its stake in DNOW by 132.5% in the 4th quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 1,383 shares during the period. EverSource Wealth Advisors LLC grew its holdings in DNOW by 190.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company's stock valued at $36,000 after buying an additional 1,589 shares in the last quarter. Finally, Arax Advisory Partners increased its position in shares of DNOW by 336.3% during the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company's stock valued at $37,000 after buying an additional 2,156 shares during the period. 97.63% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. DA Davidson upped their price target on shares of DNOW from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Weiss Ratings reissued a "sell (d+)" rating on shares of DNOW in a research note on Wednesday, May 27th. Zacks Research upgraded DNOW from a "strong sell" rating to a "hold" rating in a research report on Friday, May 22nd. Wall Street Zen upgraded DNOW from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Susquehanna raised their price target on DNOW from $16.00 to $19.00 and gave the company a "positive" rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $18.25.
Check Out Our Latest Stock Report on DNOW
DNOW Price Performance
Shares of DNOW stock opened at $15.76 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $2.85 billion, a PE ratio of -14.73 and a beta of 0.82. The business's 50-day moving average price is $14.25 and its 200-day moving average price is $13.43. DNOW Inc. has a 12 month low of $10.94 and a 12 month high of $17.26.
DNOW (NYSE:DNOW - Get Free Report) last released its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the previous year, the company posted $0.27 EPS. DNOW's quarterly revenue was up 108.1% compared to the same quarter last year. Sell-side analysts forecast that DNOW Inc. will post 0.34 EPS for the current fiscal year.
About DNOW
(
Free Report)
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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