First Trust Advisors LP Acquires 3,898,758 Shares of DNOW Inc. $DNOW

Key Points

• First Trust Advisors LP dramatically increased its DNOW stake by purchasing 3.9 million additional shares in the first quarter, bringing its holdings to 4.07 million shares worth approximately $48.4 million, or 2.23% of the company.
• Analyst sentiment is generally positive but mixed: DNOW has a consensus “Moderate Buy” rating and a $17 price target, despite some sell and hold recommendations.
• DNOW shares opened at $14.45, while the company’s latest quarterly results showed revenue rising 97.5% year over year to $1.18 billion but earnings per share of $0.01 missed the $0.05 consensus estimate.

First Trust Advisors LP boosted its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 2,335.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,065,728 shares of the oil and gas company's stock after buying an additional 3,898,758 shares during the quarter. First Trust Advisors LP owned approximately 2.23% of DNOW worth $48,423,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of DNOW. Blue Trust Inc. bought a new stake in DNOW during the 4th quarter valued at $25,000. Quarry LP increased its holdings in shares of DNOW by 712.6% in the 4th 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 period. EverSource Wealth Advisors LLC raised its position in shares of DNOW by 190.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company's stock worth $36,000 after acquiring an additional 1,589 shares in the last quarter. Clearstead Advisors LLC raised its position in shares of 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 acquiring an additional 1,383 shares in the last quarter. Finally, Arax Advisory Partners lifted its stake in shares of DNOW by 336.3% during the 4th quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company's stock worth $37,000 after purchasing an additional 2,156 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on DNOW. Wall Street Zen downgraded DNOW from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Freedom Capital upgraded shares of DNOW to a "strong-buy" rating in a report on Monday, June 22nd. DA Davidson began coverage on shares of DNOW in a report on Tuesday, June 16th. They issued a "buy" rating and a $17.00 target price for the company. Weiss Ratings reissued a "sell (d+)" rating on shares of DNOW in a research report on Wednesday, May 27th. Finally, Zacks Research upgraded shares of DNOW from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. One 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 issued a Sell rating to the stock. According to MarketBeat.com, DNOW presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

DNOW Trading Up 0.3%

Shares of NYSE:DNOW opened at $14.45 on Monday. The business's 50-day moving average is $13.36 and its 200 day moving average is $13.29. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.14. 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 $2.64 billion, a P/E ratio of -19.79 and a beta of 0.83.

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

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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