Envestnet Portfolio Solutions Inc. Buys 33,396 Shares of DNOW Inc. $DNOW

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in DNOW Inc. by 228.5% during Q2, acquiring an additional 33,396 shares, bringing their total holdings to 48,009 shares valued at approximately $712,000.
• Institutional investors collectively own 97.63% of DNOW's stock, indicating a strong interest from large financial entities.
• The recent quarterly earnings report showed DNOW Inc. beating analysts' expectations with $0.27 EPS, compared to the consensus estimate of $0.22, and quarterly revenue of $628 million, slightly above expectations.

Envestnet Portfolio Solutions Inc. boosted its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 228.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,009 shares of the oil and gas company's stock after purchasing an additional 33,396 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in DNOW were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in DNOW. Ameriprise Financial Inc. boosted its stake in DNOW by 376.3% in the 1st quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company's stock worth $49,802,000 after purchasing an additional 2,302,738 shares during the period. Nuveen LLC purchased a new position in shares of DNOW during the first quarter worth about $18,483,000. Jane Street Group LLC grew its holdings in shares of DNOW by 210.8% during the first quarter. Jane Street Group LLC now owns 738,843 shares of the oil and gas company's stock worth $12,619,000 after purchasing an additional 501,088 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of DNOW by 72.2% during the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock worth $19,780,000 after purchasing an additional 485,650 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of DNOW by 203.8% during the second quarter. Assenagon Asset Management S.A. now owns 608,180 shares of the oil and gas company's stock worth $9,019,000 after purchasing an additional 407,972 shares in the last quarter. Institutional investors own 97.63% of the company's stock.

DNOW Price Performance

Shares of NYSE DNOW opened at $14.34 on Tuesday. DNOW Inc. has a one year low of $11.54 and a one year high of $18.45. The firm's 50 day simple moving average is $15.24 and its two-hundred day simple moving average is $15.10. The stock has a market capitalization of $1.54 billion, a P/E ratio of 18.86 and a beta of 1.05.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on DNOW shares. Zacks Research lowered DNOW from a "strong-buy" rating to a "hold" rating in a report on Monday, October 6th. Weiss Ratings reissued a "hold (c+)" rating on shares of DNOW in a report on Wednesday, October 8th. Finally, Stifel Nicolaus cut their price objective on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, July 21st. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, DNOW has a consensus rating of "Hold" and a consensus target price of $18.00.

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.

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