Pacer Advisors Inc. Sells 4,923,079 Shares of DNOW Inc. (NYSE:DNOW)

Key Points

• Pacer Advisors Inc. significantly reduced its stake in DNOW Inc. by 78.0%, selling 4,923,079 shares and holding 1,384,599 shares worth approximately $23.6 million at the end of the last reporting period.
• Other institutional investors have varied their positions in DNOW, with notable increases from companies like GAMMA Investing LLC (122.1% boost) and Nisa Investment Advisors LLC (15.9% increase) in the first quarter.
• DNOW recently reported earnings that surpassed analysts' expectations, achieving $0.22 EPS on revenues of $599 million, reflecting a 6.4% year-over-year revenue growth.

Pacer Advisors Inc. trimmed its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 78.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,384,599 shares of the oil and gas company's stock after selling 4,923,079 shares during the quarter. Pacer Advisors Inc. owned approximately 1.31% of DNOW worth $23,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of DNOW. Teacher Retirement System of Texas lifted its stake in shares of DNOW by 0.8% in the 4th quarter. Teacher Retirement System of Texas now owns 100,117 shares of the oil and gas company's stock valued at $1,303,000 after purchasing an additional 792 shares during the period. KLP Kapitalforvaltning AS bought a new position in DNOW during the 4th quarter valued at approximately $807,000. Prudential Financial Inc. increased its position in DNOW by 4.7% during the 4th quarter. Prudential Financial Inc. now owns 218,267 shares of the oil and gas company's stock valued at $3,136,000 after buying an additional 9,737 shares in the last quarter. WINTON GROUP Ltd bought a new position in DNOW during the 4th quarter valued at approximately $221,000. Finally, JPMorgan Chase & Co. increased its position in DNOW by 6.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock valued at $23,985,000 after buying an additional 112,135 shares in the last quarter. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Down 0.5%

NYSE DNOW traded down $0.09 during trading hours on Wednesday, hitting $15.93. 153,337 shares of the company were exchanged, compared to its average volume of 1,130,429. The stock has a 50-day moving average price of $14.75 and a 200 day moving average price of $15.20. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45. The stock has a market cap of $1.68 billion, a PE ratio of 21.54 and a beta of 1.08.

DNOW (NYSE:DNOW - Get Free Report) last released its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.03. The firm had revenue of $599.00 million for the quarter, compared to analysts' expectations of $587.17 million. DNOW had a return on equity of 9.00% and a net margin of 3.40%. The company's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.21 earnings per share. As a group, sell-side analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on DNOW shares. Wall Street Zen raised DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Susquehanna reduced their target price on DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Finally, Stifel Nicolaus reduced their target price on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, July 21st.

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.