DNOW Inc. (NYSE:DNOW) Shares Bought 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 increased its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 100,703.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 approximately 0.09% of DNOW worth $1,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new position in shares of DNOW in the first quarter worth about $220,000. GAMMA Investing LLC raised its position in shares of DNOW by 122.1% in the first 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 period. Principal Financial Group Inc. raised its position in shares of DNOW by 2.5% in the first quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company's stock worth $8,986,000 after acquiring an additional 12,797 shares during the period. CWM LLC raised its position in shares of DNOW by 111.0% in the first quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock worth $115,000 after acquiring an additional 3,539 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of DNOW by 6.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock worth $23,985,000 after acquiring an additional 112,135 shares during the period. Hedge funds and other institutional investors own 97.63% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on DNOW shares. Stifel Nicolaus decreased 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 cut their target price on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th.

DNOW Stock Performance

Shares of DNOW stock traded down $0.84 on Friday, reaching $14.72. 1,643,196 shares of the company were exchanged, compared to its average volume of 1,375,203. The company has a market cap of $1.55 billion, a price-to-earnings ratio of 19.89 and a beta of 1.13. The business has a 50-day moving average price of $14.79 and a 200 day moving average price of $15.23. DNOW Inc. has a 1 year low of $11.42 and a 1 year high of $18.45.

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, topping analysts' consensus estimates of $0.19 by $0.03. The business had revenue of $599.00 million during the quarter, compared to analysts' expectations of $587.17 million. DNOW had a net margin of 3.40% and a return on equity of 9.00%. The company's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.21 earnings per share. As a group, equities analysts anticipate that DNOW Inc. will post 0.86 earnings per share 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.