DNOW Inc. $DNOW Shares Bought by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P increased its stake in DNOW Inc. by 31.2%, acquiring 39,914 additional shares and bringing its total holdings to 167,744 shares valued at approximately $2.87 million.
• Several other hedge funds also raised their stakes in DNOW during the first quarter, with 97.63% of the company's shares now owned by institutional investors.
• DNOW reported better-than-expected earnings, with an EPS of $0.27, surpassing analysts' estimates of $0.22, and a revenue of $628 million, slightly above the forecast of $612.6 million.

Martingale Asset Management L P grew its position in DNOW Inc. (NYSE:DNOW - Free Report) by 31.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 167,744 shares of the oil and gas company's stock after purchasing an additional 39,914 shares during the quarter. Martingale Asset Management L P owned about 0.16% of DNOW worth $2,865,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group raised its holdings in shares of DNOW by 2,650.0% in the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock worth $29,000 after purchasing an additional 1,643 shares during the period. GAMMA Investing LLC raised its position in 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 during the period. Headlands Technologies LLC grew its stake in shares of DNOW by 21,663.6% in the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock worth $41,000 after buying an additional 2,383 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in DNOW during the 1st quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of DNOW in the 1st quarter worth approximately $63,000. 97.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus decreased their price target on shares of DNOW from $19.00 to $18.00 and set a "buy" rating on the stock 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 analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, DNOW currently has a consensus rating of "Buy" and an average target price of $18.00.

DNOW Trading Down 0.0%

Shares of NYSE:DNOW traded down $0.01 during mid-day trading on Wednesday, hitting $15.90. 146,265 shares of the company traded hands, compared to its average volume of 1,148,983. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45. The stock has a market cap of $1.70 billion, a P/E ratio of 20.91 and a beta of 1.13. The stock has a 50-day moving average price of $14.85 and a two-hundred day moving average price of $15.31.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 EPS 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 return on equity of 8.97% and a net margin of 3.45%.DNOW's quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 EPS. As a group, analysts expect that DNOW Inc. will post 0.86 earnings per share for the current 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.