Jacobs Levy Equity Management Inc. Decreases Stock Holdings in DNOW Inc. $DNOW

Key Points

• Jacobs Levy Equity Management Inc. reduced its stake in DNOW Inc. by 10.1%, selling 103,455 shares, and now holds 919,712 shares valued at approximately $15.7 million.
• Several other institutional investors have increased their positions in DNOW, with Panagora Asset Management Inc. showing the largest increase at 62.8%, now owning 165,541 shares.
• DNOW reported a quarterly EPS of $0.27, surpassing estimates, while its revenue of $628 million showed a year-over-year decline of 0.8%.

Jacobs Levy Equity Management Inc. cut its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 10.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 919,712 shares of the oil and gas company's stock after selling 103,455 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.87% of DNOW worth $15,709,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in DNOW. Northern Trust Corp grew its holdings in shares of DNOW by 8.7% during the 4th quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company's stock valued at $15,947,000 after purchasing an additional 98,437 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of DNOW during the 4th quarter valued at approximately $270,000. Jane Street Group LLC grew its holdings in shares of DNOW by 428.4% during the 4th quarter. Jane Street Group LLC now owns 237,755 shares of the oil and gas company's stock valued at $3,093,000 after purchasing an additional 192,757 shares during the last quarter. Algert Global LLC grew its holdings in shares of DNOW by 2.1% during the 4th quarter. Algert Global LLC now owns 111,137 shares of the oil and gas company's stock valued at $1,446,000 after purchasing an additional 2,317 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in DNOW by 307.2% during the 4th quarter. BNP Paribas Financial Markets now owns 94,821 shares of the oil and gas company's stock worth $1,234,000 after buying an additional 71,535 shares during the period. 97.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on DNOW shares. Stifel Nicolaus cut their target price on shares of DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Zacks Research upgraded shares of DNOW to a "strong-buy" rating in a research report on Friday, August 8th. 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 company. Based on data from MarketBeat.com, DNOW presently has a consensus rating of "Buy" and a consensus price target of $18.00.

DNOW Price Performance

Shares of NYSE DNOW traded down $0.29 during trading on Friday, hitting $15.44. The stock had a trading volume of 147,209 shares, compared to its average volume of 1,126,432. The company has a market capitalization of $1.65 billion, a PE ratio of 20.31 and a beta of 1.21. The firm has a fifty day moving average of $15.07 and a two-hundred day moving average of $15.26. DNOW Inc. has a 12 month low of $11.54 and a 12 month high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.05. The company 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%. The firm's revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. On average, equities analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.