Public Sector Pension Investment Board Purchases 146,978 Shares of DNOW Inc. $DNOW

Key Points

• The Public Sector Pension Investment Board increased its stake in DNOW Inc. by 55.7%, acquiring an additional 146,978 shares, bringing its total to 410,723 shares worth approximately $7.02 million.
• Several institutional investors, including GAMMA Investing LLC and Covestor Ltd, significantly increased their positions in DNOW during the first quarter, highlighting growing interest in the company.
• DNOW recently reported earnings per share of $0.27, surpassing estimates, but its revenue decreased by 0.8% compared to the same period last year.

Public Sector Pension Investment Board boosted its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 55.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 410,723 shares of the oil and gas company's stock after acquiring an additional 146,978 shares during the period. Public Sector Pension Investment Board owned 0.39% of DNOW worth $7,015,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in DNOW in the 1st quarter worth approximately $220,000. GAMMA Investing LLC grew its stake in DNOW by 122.1% in the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after buying an additional 1,022 shares in the last quarter. Principal Financial Group Inc. grew its stake in DNOW by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company's stock worth $8,986,000 after buying an additional 12,797 shares in the last quarter. CWM LLC grew its stake in DNOW by 111.0% in the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock worth $115,000 after buying an additional 3,539 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in DNOW in the 1st quarter worth approximately $250,000. Hedge funds and other institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

NYSE:DNOW traded up $0.1360 during midday trading on Tuesday, reaching $14.7960. 759,216 shares of the stock traded hands, compared to its average volume of 1,160,524. The company has a fifty day moving average of $14.83 and a 200 day moving average of $15.28. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The stock has a market capitalization of $1.58 billion, a P/E ratio of 19.47 and a beta of 1.13.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 EPS for the quarter, beating 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 company had revenue of $628.00 million during the quarter, compared to analyst estimates of $612.60 million. During the same period in the prior year, the business posted $0.25 EPS. The firm's revenue was down .8% compared to the same quarter last year. On average, analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DNOW has been the subject of a number of research reports. Stifel Nicolaus cut their price target on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Wall Street Zen upgraded shares of DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Finally, Zacks Research upgraded shares of DNOW to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $18.00.

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.