Inspire Investing LLC Raises Position in DNOW Inc. $DNOW

Key Points

• Inspire Investing LLC increased its stake in DNOW Inc. by 118.9%, acquiring an additional 36,574 shares to reach a total of 67,342 shares, worth approximately $1.15 million.
• DNOW Inc. announced a quarterly EPS of $0.27, surpassing the consensus estimate of $0.22, while its revenue slightly declined year-over-year by 0.8% to $628 million.
• The stock has received mixed ratings from analysts, with a consensus Buy rating and an average price target of $18.00, despite a recent 2.7% decline in its stock price.

Inspire Investing LLC increased its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 118.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 67,342 shares of the oil and gas company's stock after purchasing an additional 36,574 shares during the period. Inspire Investing LLC owned approximately 0.06% of DNOW worth $1,150,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its stake in DNOW by 307.2% during the fourth quarter. BNP Paribas Financial Markets now owns 94,821 shares of the oil and gas company's stock worth $1,234,000 after acquiring an additional 71,535 shares in the last quarter. Deutsche Bank AG boosted its position in shares of DNOW by 18.8% during the 4th quarter. Deutsche Bank AG now owns 183,020 shares of the oil and gas company's stock worth $2,381,000 after purchasing an additional 28,937 shares in the last quarter. Gotham Asset Management LLC bought a new position in shares of DNOW during the 4th quarter worth about $653,000. Lazard Asset Management LLC increased its position in DNOW by 58.8% in the 4th quarter. Lazard Asset Management LLC now owns 187,685 shares of the oil and gas company's stock valued at $2,441,000 after buying an additional 69,527 shares in the last quarter. Finally, Millennium Management LLC increased its position in DNOW by 145.4% in the 4th quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company's stock valued at $6,774,000 after buying an additional 308,543 shares in the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on DNOW shares. Stifel Nicolaus reduced their price objective on 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 raised shares of DNOW to a "strong-buy" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $18.00.

DNOW Trading Up 3.2%

DNOW stock traded up $0.49 during trading on Thursday, hitting $15.69. 503,264 shares of the company were exchanged, compared to its average volume of 1,127,760. The company has a market capitalization of $1.68 billion, a P/E ratio of 20.65 and a beta of 1.21. The business's 50 day moving average is $15.18 and its 200 day moving average is $15.24. DNOW Inc. has a 52 week low of $11.54 and a 52 week high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $628.00 million for 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 revenue for the quarter was down .8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 earnings per share. Equities analysts expect that DNOW Inc. will post 0.86 EPS for the current 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.