GSA Capital Partners LLP Purchases New Stake in DNOW Inc. $DNOW

Key Points

• GSA Capital Partners acquired 162,050 DNOW shares worth approximately $2.1 million, representing about 0.09% of the company. Institutional investors and hedge funds collectively own 97.63% of DNOW.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $18.25; Susquehanna and DA Davidson both raised their targets to $19.
• DNOW reported quarterly revenue of $1.31 billion and adjusted earnings of $0.12 per share, beating estimates of $1.27 billion and $0.09, respectively, while revenue increased 108.1% year over year.

GSA Capital Partners LLP acquired a new position in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 162,050 shares of the oil and gas company's stock, valued at approximately $2,102,000. GSA Capital Partners LLP owned about 0.09% of DNOW at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in DNOW. Covestor Ltd grew its position in shares of DNOW by 15.7% during the 4th quarter. Covestor Ltd now owns 4,614 shares of the oil and gas company's stock worth $61,000 after buying an additional 626 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in DNOW by 1.9% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 45,540 shares of the oil and gas company's stock valued at $603,000 after buying an additional 860 shares during the period. Summit Global Investments lifted its holdings in DNOW by 5.4% in the fourth quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company's stock valued at $225,000 after buying an additional 865 shares during the period. PNC Financial Services Group Inc. lifted its holdings in DNOW by 12.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 8,191 shares of the oil and gas company's stock valued at $109,000 after buying an additional 892 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in DNOW by 50.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,629 shares of the oil and gas company's stock valued at $48,000 after acquiring an additional 1,216 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DNOW has been the subject of a number of analyst reports. Zacks Research raised shares of DNOW from a "strong sell" rating to a "hold" rating in a report on Friday, May 22nd. Wall Street Zen raised DNOW from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings restated a "sell (d+)" rating on shares of DNOW in a research report on Wednesday, May 27th. Susquehanna lifted their price objective on DNOW from $16.00 to $19.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. Finally, DA Davidson upped their price objective on DNOW from $17.00 to $19.00 and gave the company a "buy" rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $18.25.

DNOW Price Performance

Shares of DNOW opened at $16.48 on Friday. The stock has a 50 day simple moving average of $13.96 and a 200 day simple moving average of $13.42. DNOW Inc. has a 52-week low of $10.94 and a 52-week high of $17.26. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. The firm has a market capitalization of $2.98 billion, a PE ratio of -15.40 and a beta of 0.82.

DNOW (NYSE:DNOW - Get Free Report) last announced its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.09 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 $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period last year, the company posted $0.27 EPS. The business's quarterly revenue was up 108.1% on a year-over-year basis. Sell-side analysts predict that DNOW Inc. will post 0.34 EPS 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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