Panagora Asset Management Inc. Has $2.83 Million Stake in DNOW Inc. $DNOW

Key Points

• Panagora Asset Management Inc. increased its stake in DNOW Inc. by 62.8%, acquiring an additional 63,878 shares to reach a total of 165,541 shares valued at approximately $2.83 million.
• Institutional investors own 97.63% of DNOW's stock, with several firms, including Ameriprise Financial and Jane Street Group, significantly expanding their holdings in the first quarter.
• DNOW reported $0.27 earnings per share for the recent quarter, surpassing analysts' expectations of $0.22, despite a year-over-year revenue decline of 0.8% to $628 million.

Panagora Asset Management Inc. boosted its holdings in DNOW Inc. (NYSE:DNOW - Free Report) by 62.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 165,541 shares of the oil and gas company's stock after buying an additional 63,878 shares during the quarter. Panagora Asset Management Inc. owned 0.16% of DNOW worth $2,827,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group increased its stake in 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 valued at $29,000 after buying an additional 1,643 shares during the period. GAMMA Investing LLC grew its holdings in shares of DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock valued at $32,000 after acquiring an additional 1,022 shares in the last quarter. Headlands Technologies LLC increased its stake in shares of DNOW by 21,663.6% in the first quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock worth $41,000 after acquiring an additional 2,383 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of DNOW during the first quarter worth $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in DNOW during the first quarter valued at $63,000. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Stock Down 0.3%

DNOW stock traded down $0.05 during mid-day trading on Friday, reaching $15.96. The company had a trading volume of 875,565 shares, compared to its average volume of 894,387. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 21.00 and a beta of 1.21. The company has a 50 day moving average of $14.98 and a 200-day moving average of $15.31.

DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. DNOW had a net margin of 3.45% and a return on equity of 8.97%. The firm had revenue of $628.00 million during the quarter, compared to analysts' expectations of $612.60 million. During the same quarter last year, the company earned $0.25 earnings per share. The company's revenue for the quarter was down .8% compared to the same quarter last year. On average, analysts predict that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on DNOW. Stifel Nicolaus cut their price target on DNOW from $19.00 to $18.00 and set a "buy" rating for the company 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 research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price 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.