Martingale Asset Management L P Buys 39,914 Shares of DNOW Inc. $DNOW

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 boosted its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 31.2% in the first quarter, according to its most recent disclosure 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.

Several other hedge funds have also recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of DNOW during the 1st quarter worth about $63,000. Hsbc Holdings PLC boosted its stake in DNOW by 45.2% during the 1st quarter. Hsbc Holdings PLC now owns 136,680 shares of the oil and gas company's stock worth $2,337,000 after acquiring an additional 42,580 shares during the last quarter. Brooklyn Investment Group boosted its stake in DNOW by 2,650.0% during the 1st 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 during the last quarter. Algert Global LLC grew its holdings 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 valued at $8,075,000 after purchasing an additional 361,642 shares during the period. Finally, American Century Companies Inc. increased its stake in DNOW by 16.8% in the first quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock valued at $34,212,000 after purchasing an additional 288,311 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Price Performance

Shares of DNOW stock opened at $14.9750 on Friday. The firm has a market cap of $1.60 billion, a price-to-earnings ratio of 19.70 and a beta of 1.13. The stock's 50-day moving average is $14.82 and its 200-day moving average is $15.27. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last announced 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 business had revenue of $628.00 million for 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 revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 EPS. On average, equities analysts expect that DNOW Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

DNOW has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Zacks Research upgraded DNOW to a "strong-buy" rating in a report on Friday, August 8th. Finally, Stifel Nicolaus decreased their target price on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $18.00.

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.

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