Squarepoint Ops LLC Has $4.39 Million Stock Holdings in DNOW Inc. $DNOW

Key Points

• Squarepoint Ops LLC increased its DNOW stake by 425.4% in the second quarter, reaching 338,802 shares valued at approximately $4.39 million. Institutional investors and hedge funds collectively own 97.63% of the company.
• Analyst sentiment is generally positive, with DNOW carrying a consensus “Moderate Buy” rating and an average price target of $18.20, compared with its cited trading price of $15.71.
• DNOW exceeded quarterly earnings and revenue expectations, reporting $0.12 in EPS versus $0.09 expected and $1.31 billion in revenue. Revenue increased 108.1% year over year, although the company posted a negative net margin of 4.58%.

Squarepoint Ops LLC raised its holdings in DNOW Inc. (NYSE:DNOW - Free Report) by 425.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 338,802 shares of the oil and gas company's stock after buying an additional 274,319 shares during the period. Squarepoint Ops LLC owned about 0.19% of DNOW worth $4,394,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in DNOW. BlackRock Inc. acquired a new stake in shares of DNOW in the 2nd quarter worth about $374,942,000. Wellington Management Group LLP boosted its stake in DNOW by 187.2% during 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. Engine Capital Management LP acquired a new position in DNOW during the 1st quarter valued at about $61,525,000. Boston Partners bought a new stake in DNOW during the 3rd quarter worth approximately $72,302,000. Finally, Pzena Investment Management LLC bought a new stake in DNOW during the 4th quarter worth approximately $55,135,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Susquehanna increased their price objective on DNOW from $16.00 to $19.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. Wall Street Zen raised DNOW from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Freedom Capital upgraded DNOW to a "strong-buy" rating in a report on Monday, June 22nd. DA Davidson increased their price target on DNOW from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Finally, Freedom Broker cut DNOW from a "buy" rating to a "hold" rating and set a $18.00 price objective on the stock. in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.20.

DNOW Trading Up 1.5%

Shares of DNOW stock opened at $15.71 on Friday. The firm has a market cap of $2.84 billion, a PE ratio of -14.68 and a beta of 0.87. DNOW Inc. has a 1 year low of $10.94 and a 1 year high of $17.26. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06. The stock has a fifty day moving average price of $14.96 and a 200-day moving average price of $13.43.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The firm's quarterly revenue was up 108.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.27 EPS. Equities research analysts anticipate that DNOW Inc. will post 0.34 EPS for the current year.

DNOW Company Profile

DNOW Inc NYSE: DNOW is a global distributor of products and services used in the energy and industrial sectors. The company supplies equipment and materials for upstream, midstream and downstream oil and gas operations, as well as for industrial and utility applications.

Its offerings include pipes, valves, fittings, flanges, gaskets, tools, production equipment, artificial-lift products, safety supplies and other maintenance, repair and operating materials. DNOW also provides supply-chain management, inventory management, logistics, procurement and other technical and field-support services designed to help customers manage equipment sourcing and distribution.

Headquartered in Houston, Texas, DNOW serves customers through a network of distribution and service locations across North America and international markets.

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