Polar Asset Management Partners Inc. Invests $1 Million in DNOW Inc. $DNOW

Key Points

• Polar Asset Management bought 84,000 DNOW shares worth approximately $1 million during the first quarter.
• Institutional ownership remains very high at 97.63%, with major investors including Vanguard, Wellington Management, Dimensional Fund Advisors, Boston Partners and State Street increasing their stakes.
• DNOW reported quarterly revenue of $1.18 billion, up 97.5% year over year, but earnings per share of $0.01 missed estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $17, versus a recent share price of $14.18.

Polar Asset Management Partners Inc. purchased a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 84,000 shares of the oil and gas company's stock, valued at approximately $1,000,000.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in DNOW by 66.1% during the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company's stock worth $258,351,000 after purchasing an additional 7,762,071 shares during the period. Wellington Management Group LLP boosted its holdings in DNOW by 187.2% in the 4th quarter. Wellington Management Group LLP now owns 10,813,205 shares of the oil and gas company's stock valued at $143,275,000 after purchasing an additional 7,048,382 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of DNOW by 60.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,374,585 shares of the oil and gas company's stock valued at $137,466,000 after buying an additional 3,920,731 shares during the period. Boston Partners grew its stake in shares of DNOW by 66.0% in the 4th quarter. Boston Partners now owns 7,859,416 shares of the oil and gas company's stock valued at $104,171,000 after buying an additional 3,124,280 shares during the period. Finally, State Street Corp raised its position in shares of DNOW by 81.8% during the 4th quarter. State Street Corp now owns 7,440,738 shares of the oil and gas company's stock valued at $98,590,000 after buying an additional 3,347,335 shares during the period. Hedge funds and other institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

NYSE:DNOW opened at $14.18 on Tuesday. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 2.42. The company has a 50 day moving average price of $13.38 and a 200 day moving average price of $13.29. The stock has a market capitalization of $2.59 billion, a P/E ratio of -19.42 and a beta of 0.83.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The oil and gas company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.05 by ($0.04). DNOW had a positive return on equity of 4.94% and a negative net margin of 4.14%.The firm had revenue of $1.18 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the business earned $0.22 earnings per share. The company's quarterly revenue was up 97.5% on a year-over-year basis. Equities research analysts forecast that DNOW Inc. will post 0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on DNOW shares. Weiss Ratings reiterated a "sell (d+)" rating on shares of DNOW in a report on Wednesday, May 27th. Freedom Capital raised DNOW to a "strong-buy" rating in a research note on Monday, June 22nd. DA Davidson began coverage on DNOW in a research report on Tuesday, June 16th. They issued a "buy" rating and a $17.00 target price on the stock. Zacks Research raised DNOW from a "strong sell" rating to a "hold" rating in a research note on Friday, May 22nd. Finally, Wall Street Zen cut DNOW from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

About DNOW

DistributionNOW NYSE: DNOW is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.

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