DNOW Inc. $DNOW Shares Sold by Pzena Investment Management LLC

Key Points

• Pzena Investment Management cut its DNOW stake by 4.0% in the third quarter, selling 116,266 shares; it still held 2.78 million shares, worth about $43 million.
• Institutional investors and hedge funds own 97.63% of DNOW shares. Other major investors, including Wellington Management, increased their positions, while BlackRock established a new stake.
• Analysts’ average rating is “Moderate Buy”, with a consensus price target of $18.20. In its latest reported quarter, DNOW beat earnings and revenue estimates, and revenue rose 108.1% year over year.

Pzena Investment Management LLC trimmed its holdings in DNOW Inc. (NYSE:DNOW - Free Report) by 4.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,777,216 shares of the oil and gas company's stock after selling 116,266 shares during the period. Pzena Investment Management LLC owned about 1.54% of DNOW worth $43,047,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in DNOW in the 2nd quarter valued at about $374,942,000. Wellington Management Group LLP boosted its position in shares of DNOW by 15.6% during the second quarter. Wellington Management Group LLP now owns 19,513,068 shares of the oil and gas company's stock valued at $253,084,000 after buying an additional 2,633,894 shares during the last quarter. Engine Capital Management LP bought a new stake in DNOW during the first quarter worth $61,525,000. First Trust Advisors LP lifted its stake in DNOW by 2,335.0% during the 1st quarter. First Trust Advisors LP now owns 4,065,728 shares of the oil and gas company's stock valued at $48,423,000 after acquiring an additional 3,898,758 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in DNOW during the 2nd quarter worth $42,540,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on DNOW shares. Weiss Ratings upgraded shares of DNOW from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Susquehanna increased their price target on DNOW from $16.00 to $19.00 and gave the company a "positive" rating in a research report on Friday, August 7th. DA Davidson lifted their price target on DNOW from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, August 10th. Wall Street Zen upgraded DNOW from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Freedom Broker downgraded DNOW from a "buy" rating to a "hold" rating and set a $18.00 price objective for the company. in a research note on Thursday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, DNOW presently has an average rating of "Moderate Buy" and a consensus target price of $18.20.

DNOW Stock Down 4.4%

DNOW stock opened at $15.39 on Thursday. The firm has a 50 day simple moving average of $15.81 and a 200 day simple moving average of $14.12. 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 1-year low of $10.94 and a 1-year high of $17.26. The firm has a market capitalization of $2.78 billion, a price-to-earnings ratio of 29.82 and a beta of 0.95.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS 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 firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period last year, the company earned $0.27 earnings per share. The business's revenue for the quarter was up 108.1% on a year-over-year basis. On average, analysts predict that DNOW Inc. will post 0.34 earnings per share for the current year.

DNOW Profile

DNOW Inc NYSE: DNOW is a global distributor of products and services used in the energy and industrial sectors. The company supplies equipment and materials for upstream, midstream and downstream oil and gas operations, as well as related industrial, utility and infrastructure markets.

Its offerings include pipe, valves, fittings, flanges, and other mechanical products; production and artificial-lift equipment; electrical and instrumentation products; and maintenance, repair and operating supplies.

Want to see what other hedge funds are holding DNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DNOW Inc. (NYSE:DNOW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.