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Strs Ohio Makes New $834,000 Investment in DNOW Inc. $DNOW

DNOW logo with Industrials background

Key Points

  • Strs Ohio invested approximately $834,000 in a new position in DNOW Inc. by acquiring 48,800 shares during the first quarter.
  • Institutional investors now own 97.63% of DNOW's stock, with significant increases from several hedge funds, including a 2,650% increase by Brooklyn Investment Group.
  • Analyst ratings for DNOW include a consensus of "Buy" with a revised average target price of $18.00, following a positive earnings report that topped estimates.
  • MarketBeat previews top five stocks to own in November.

Strs Ohio bought a new position in shares of DNOW Inc. (NYSE:DNOW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 48,800 shares of the oil and gas company's stock, valued at approximately $834,000.

Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. boosted its holdings in DNOW by 376.3% in the first quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company's stock valued at $49,802,000 after purchasing an additional 2,302,738 shares in the last quarter. American Century Companies Inc. boosted its holdings in DNOW by 16.8% in the first quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock valued at $34,212,000 after purchasing an additional 288,311 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in DNOW by 72.2% in the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock valued at $19,780,000 after purchasing an additional 485,650 shares in the last quarter. Nuveen LLC acquired a new position in DNOW in the first quarter valued at approximately $18,483,000. Finally, Bridgeway Capital Management LLC boosted its holdings in DNOW by 1.2% in the first quarter. Bridgeway Capital Management LLC now owns 984,619 shares of the oil and gas company's stock valued at $16,817,000 after purchasing an additional 11,530 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Price Performance

Shares of DNOW stock traded up $0.23 during trading hours on Tuesday, hitting $15.65. The stock had a trading volume of 37,374 shares, compared to its average volume of 1,132,060. The firm has a market capitalization of $1.68 billion, a PE ratio of 20.66 and a beta of 1.21. DNOW Inc. has a twelve month low of $11.54 and a twelve month high of $18.45. The stock's 50 day moving average is $15.27 and its 200 day moving average is $15.25.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.05. DNOW had a return on equity of 8.97% and a net margin of 3.45%.The firm had revenue of $628.00 million during the quarter, compared to the consensus estimate of $612.60 million. During the same period last year, the company earned $0.25 earnings per share. The company's revenue for the quarter was down .8% on a year-over-year basis. As a group, equities analysts predict that DNOW Inc. will post 0.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Stifel Nicolaus lowered their price target on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, July 21st. Zacks Research raised DNOW to a "strong-buy" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $18.00.

View Our Latest Analysis on DNOW

DNOW Profile

(Free Report)

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.

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Institutional Ownership by Quarter for DNOW (NYSE:DNOW)

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