Nuveen LLC Purchases New Stake in DNOW Inc. $DNOW

Key Points

• Nuveen LLC has acquired a new stake in DNOW Inc., purchasing over 1 million shares valued at approximately $18.5 million, giving it a 1.02% ownership in the company.
• DNOW's stock recently experienced a positive movement, opening at $14.7960, with a market cap of $1.58 billion and a PE ratio of 19.47.
• Wall Street analysts have upgraded DNOW's rating, with a consensus of "Buy" and a price target of $18.00, after the company reported strong quarterly earnings exceeding expectations.

Nuveen LLC bought a new position in shares of DNOW Inc. (NYSE:DNOW - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,082,145 shares of the oil and gas company's stock, valued at approximately $18,483,000. Nuveen LLC owned approximately 1.02% of DNOW as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of DNOW. Allianz Asset Management GmbH boosted its stake in DNOW by 72.2% during the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock worth $19,780,000 after acquiring an additional 485,650 shares in the last quarter. Millennium Management LLC raised its holdings in DNOW by 145.4% during the fourth quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company's stock worth $6,774,000 after buying an additional 308,543 shares during the last quarter. Raymond James Financial Inc. acquired a new position in DNOW during the fourth quarter worth $3,903,000. Integrated Wealth Concepts LLC acquired a new position in DNOW during the fourth quarter worth $3,055,000. Finally, Cubist Systematic Strategies LLC acquired a new position in DNOW during the fourth quarter worth $2,887,000. 97.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, July 21st. Wall Street Zen upgraded shares of DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Finally, Zacks Research upgraded shares of DNOW to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $18.00.

DNOW Price Performance

Shares of DNOW stock traded up $0.8050 on Friday, hitting $15.8250. The stock had a trading volume of 907,015 shares, compared to its average volume of 1,345,881. The business has a 50 day moving average of $14.84 and a 200 day moving average of $15.28. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 20.82 and a beta of 1.13. DNOW Inc. has a 12-month low of $11.42 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. As a group, research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.