DNOW Inc. $DNOW Stock Purchased by Penn Capital Management Company LLC

Key Points

• Penn Capital increased its DNOW stake by 38.3% in the third quarter, adding 256,557 shares to hold 926,310 shares worth about $14.4 million. Institutional investors and hedge funds own 97.63% of the company’s stock.
• DNOW reported quarterly EPS of $0.18, beating the $0.15 consensus estimate, while revenue of $1.34 billion was slightly below expectations. Revenue rose 110.9% year over year.
• Analyst sentiment is moderately positive, with an average rating of “Moderate Buy” and an average price target of $18.

Penn Capital Management Company LLC grew its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 38.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 926,310 shares of the oil and gas company's stock after purchasing an additional 256,557 shares during the period. Penn Capital Management Company LLC owned about 0.51% of DNOW worth $14,385,000 as of its most recent filing with the Securities and Exchange Commission.

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

DNOW Stock Up 5.2%

NYSE:DNOW opened at $13.96 on Tuesday. The firm's 50 day simple moving average is $15.66 and its 200 day simple moving average is $14.11. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06. DNOW Inc. has a one year low of $10.94 and a one year high of $17.26. The company has a market cap of $2.52 billion, a PE ratio of -12.04 and a beta of 0.95.

DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The oil and gas company reported $0.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.15 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The firm had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the prior year, the company posted $0.26 EPS. The company's revenue was up 110.9% on a year-over-year basis. On average, research analysts anticipate that DNOW Inc. will post 0.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

DNOW has been the subject of several research analyst reports. Wall Street Zen upgraded shares of DNOW from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings raised DNOW from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Susquehanna reduced their price objective on DNOW from $19.00 to $18.00 and set a "positive" rating on the stock in a research report on Friday. Freedom Broker raised DNOW from a "hold" rating to a "buy" rating and set a $18.00 target price for the company in a report on Monday. Finally, DA Davidson upped their target price on DNOW from $17.00 to $19.00 and gave the stock a "buy" rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.00.

DNOW Company Profile

DNOW Inc NYSE: DNOW distributes products and provides supply-chain and related services to energy and industrial customers. Its offerings include pipe, valves, fittings, flanges, instrumentation, electrical products, and safety and maintenance supplies.

The company supports customers across the energy value chain, including upstream, midstream, and downstream operations, as well as other industrial markets. Its services include procurement, inventory management, logistics, and technical support, with operations serving customers in North America and international markets.

DNOW was established in 2014 as a spin-off from National Oilwell Varco.

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