Fruth Investment Management Purchases Shares of 21,800 DNOW Inc. $DNOW

Key Points

• Fruth Investment Management acquired 21,800 shares of DNOW Inc., valued at approximately $372,000, indicating strategic interest in the oil and gas sector.
• Institutional ownership of DNOW is high, with 97.63% of shares held by institutional investors, including significant increases from firms like Ameriprise Financial and Allianz Asset Management.
• DNOW reported a quarterly earnings per share of $0.27, exceeding estimates, though revenue was down 0.8% year-over-year, reflecting potential challenges ahead.

Fruth Investment Management bought a new position in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 21,800 shares of the oil and gas company's stock, valued at approximately $372,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group increased its holdings in shares of DNOW by 2,650.0% during the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 1,643 shares during the period. GAMMA Investing LLC increased its holdings in shares of DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 1,022 shares during the period. Headlands Technologies LLC raised its position in DNOW by 21,663.6% in the first quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock worth $41,000 after purchasing an additional 2,383 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in DNOW in the first quarter worth about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in DNOW in the first quarter worth about $63,000. Institutional investors own 97.63% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on DNOW shares. Zacks Research raised shares of DNOW to a "strong-buy" rating in a research report on Friday, August 8th. Stifel Nicolaus dropped their price target on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $18.00.

DNOW Price Performance

DNOW traded up $0.02 during mid-day trading on Wednesday, hitting $15.42. The stock had a trading volume of 376,823 shares, compared to its average volume of 1,125,242. The stock's fifty day simple moving average is $15.16 and its 200-day simple moving average is $15.24. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 20.31 and a beta of 1.21. DNOW Inc. has a 1-year low of $11.54 and a 1-year high of $18.45.

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

About DNOW

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.