Ieq Capital LLC Takes $500,000 Position in DNOW Inc. $DNOW

Key Points

• Ieq Capital LLC acquired a new stake in DNOW Inc., purchasing 29,284 shares valued at approximately $500,000 during the 1st quarter.
• DNOW's stock is priced at $15.99 with a market capitalization of $1.71 billion, and it recently reported $0.27 earnings per share, surpassing analysts' expectations.
• Institutional investors now own 97.63% of DNOW's shares, indicating strong confidence in the company among large investment firms.

Ieq Capital LLC bought a new stake in DNOW Inc. (NYSE:DNOW - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 29,284 shares of the oil and gas company's stock, valued at approximately $500,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group grew its stake in shares of DNOW by 2,650.0% in the first quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 1,643 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of DNOW by 122.1% in the first quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after acquiring an additional 1,022 shares in the last quarter. Headlands Technologies LLC grew its stake in shares of 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 acquiring an additional 2,383 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of DNOW during the first quarter worth approximately $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of DNOW during the first quarter worth $63,000. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Stock Performance

DNOW stock traded down $0.05 during midday trading on Friday, reaching $15.96. The company's stock had a trading volume of 875,565 shares, compared to its average volume of 894,387. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The firm has a market capitalization of $1.71 billion, a PE ratio of 21.00 and a beta of 1.21. The stock's 50 day simple moving average is $14.98 and its 200 day simple moving average is $15.30.

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

Analyst Upgrades and Downgrades

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

DNOW Company 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.