Hsbc Holdings PLC Has $2.34 Million Stock Holdings in DNOW Inc. $DNOW

Key Points

• Hsbc Holdings PLC increased its stake in DNOW Inc. by 45.2%, owning 136,680 shares worth $2,337,000 at the end of the first quarter.
• 97.63% of DNOW's stock is currently owned by institutional investors and hedge funds, indicating significant institutional interest.
• DNOW reported a quarterly earnings per share of $0.27, surpassing analysts' expectations of $0.22, with revenue of $628 million compared to estimates of $612.6 million.

Hsbc Holdings PLC boosted its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 45.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 136,680 shares of the oil and gas company's stock after purchasing an additional 42,580 shares during the period. Hsbc Holdings PLC owned about 0.13% of DNOW worth $2,337,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DNOW. Nuveen LLC bought a new position in DNOW during the first quarter worth about $18,483,000. Allianz Asset Management GmbH lifted its stake in 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 during the period. Algert Global LLC lifted its stake in DNOW by 325.4% during the first quarter. Algert Global LLC now owns 472,779 shares of the oil and gas company's stock worth $8,075,000 after purchasing an additional 361,642 shares during the period. Millennium Management LLC lifted its stake in DNOW by 145.4% during the fourth quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company's stock worth $6,774,000 after purchasing an additional 308,543 shares during the period. Finally, American Century Companies Inc. lifted its stake in DNOW by 16.8% during the first quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock worth $34,212,000 after purchasing an additional 288,311 shares during the period. Institutional investors own 97.63% of the company's stock.

DNOW Trading Down 1.3%

Shares of DNOW stock traded down $0.22 during midday trading on Tuesday, reaching $15.79. The company had a trading volume of 616,460 shares, compared to its average volume of 1,117,024. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 20.77 and a beta of 1.21. The stock has a fifty day simple moving average of $14.94 and a 200 day simple moving average of $15.33. DNOW Inc. has a 1-year low of $11.42 and a 1-year high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly 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 analyst estimates of $612.60 million. DNOW had a net margin of 3.45% and a return on equity of 8.97%. DNOW's revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. Sell-side analysts expect that DNOW Inc. will post 0.86 earnings per share for the current year.

Analyst Ratings Changes

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

DNOW 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.