DNOW Inc. (NYSE:DNOW) Shares Purchased by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management significantly increased its holdings in DNOW Inc., raising its position by 100,703.2% during the first quarter of 2023, owning about 0.09% of the company at a value of $1.63 million.
• DNOW reported an earnings per share (EPS) of $0.22 for the latest quarter, surpassing analyst projections of $0.19, with revenue of $599 million, up 6.4% year-over-year.
• Several hedge funds, including GAMMA Investing LLC and CWM LLC, have also increased their stakes in DNOW, indicating growing institutional interest as 97.63% of the stock is now owned by institutional investors.

Picton Mahoney Asset Management boosted its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 100,703.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 95,763 shares of the oil and gas company's stock after purchasing an additional 95,668 shares during the period. Picton Mahoney Asset Management owned 0.09% of DNOW worth $1,635,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DNOW. GAMMA Investing LLC grew its holdings in DNOW by 122.1% during the 1st 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 last quarter. Quarry LP lifted its position in DNOW by 69.2% during the 4th quarter. Quarry LP now owns 5,578 shares of the oil and gas company's stock worth $73,000 after buying an additional 2,281 shares in the last quarter. CWM LLC increased its stake in shares of DNOW by 111.0% during the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock worth $115,000 after purchasing an additional 3,539 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of DNOW by 15.9% during the 1st quarter. Nisa Investment Advisors LLC now owns 7,825 shares of the oil and gas company's stock worth $134,000 after acquiring an additional 1,073 shares during the last quarter. Finally, Cornerstone Investment Partners LLC acquired a new position in DNOW in the 1st quarter valued at about $183,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

DNOW Trading Down 1.8%

Shares of DNOW stock traded down $0.29 during trading on Wednesday, hitting $15.72. 958,877 shares of the stock traded hands, compared to its average volume of 1,391,157. The firm has a market cap of $1.66 billion, a P/E ratio of 21.24 and a beta of 1.08. The stock's fifty day simple moving average is $14.75 and its 200 day simple moving average is $15.20. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings data 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 company had revenue of $599.00 million during the quarter, compared to the consensus estimate of $587.17 million. DNOW had a net margin of 3.40% and a return on equity of 9.00%. DNOW's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. As a group, equities analysts expect that DNOW Inc. will post 0.86 EPS for the current 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.