Fifth Third Bancorp Buys 203,511 Shares of DNOW Inc. $DNOW

Key Points

• Fifth Third Bancorp dramatically increased its stake in DNOW Inc. during the first quarter, buying 203,511 additional shares and lifting its total position to 204,555 shares worth about $2.44 million.
• DNOW’s latest quarterly results were mixed: the company beat revenue expectations with $1.18 billion in sales, but missed EPS estimates by reporting $0.01 per share versus the expected $0.05.
• Analyst sentiment is generally positive, with a Moderate Buy consensus and an average price target of $17.00, above the stock’s recent price of $14.27.

Fifth Third Bancorp grew its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 19,493.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 204,555 shares of the oil and gas company's stock after buying an additional 203,511 shares during the period. Fifth Third Bancorp owned approximately 0.11% of DNOW worth $2,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Blue Trust Inc. bought a new stake in shares of DNOW in the 4th quarter valued at $25,000. Quarry LP lifted its holdings in DNOW by 712.6% during the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 1,703 shares in the last quarter. Clearstead Advisors LLC grew 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 valued at $32,000 after acquiring an additional 1,383 shares during the period. EverSource Wealth Advisors LLC grew 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 valued at $36,000 after acquiring an additional 1,589 shares during the period. Finally, Arax Advisory Partners increased its holdings in shares of DNOW by 336.3% in the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company's stock worth $37,000 after acquiring an additional 2,156 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Price Performance

NYSE:DNOW opened at $14.27 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 2.42. The stock's 50-day simple moving average is $13.29 and its 200 day simple moving average is $13.27. The company has a market cap of $2.60 billion, a P/E ratio of -19.54 and a beta of 0.83. DNOW Inc. has a 52-week low of $10.94 and a 52-week high of $17.26.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The oil and gas company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.08 billion. DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The company's quarterly revenue was up 97.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.22 EPS. As a group, sell-side analysts forecast that DNOW Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on DNOW. Freedom Capital raised shares of DNOW to a "strong-buy" rating in a research note on Monday, June 22nd. Zacks Research upgraded shares of DNOW from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. DA Davidson assumed coverage on shares of DNOW in a research report on Tuesday, June 16th. They issued a "buy" rating and a $17.00 price objective on the stock. Wall Street Zen cut DNOW from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Weiss Ratings reissued a "sell (d+)" rating on shares of DNOW in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $17.00.

About DNOW

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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