Tudor Investment Corp ET AL Decreases Stock Position in DNOW Inc. $DNOW

Key Points

• Tudor Investment Corp ET AL cut its stake in DNOW by 61.6% in Q3, selling 368,941 shares and finishing the quarter with 230,169 shares worth about $3.51 million (0.22% of the company).
• Several large institutions added or initiated sizeable positions — notably Boston Partners ($72.3M new position) and Wellington Management (up 260.2% to 3.76M shares) — leaving institutional ownership at roughly 97.63%.
• DNOW has a market cap of about $2.27B and a negative P/E; Q results showed $0.15 EPS (in line) and revenue up 68% YoY to $959M but slightly below estimates, with mixed analyst ratings and a consensus target of $17.

Tudor Investment Corp ET AL cut its position in DNOW Inc. (NYSE:DNOW - Free Report) by 61.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 230,169 shares of the oil and gas company's stock after selling 368,941 shares during the quarter. Tudor Investment Corp ET AL owned 0.22% of DNOW worth $3,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in DNOW. Boston Partners purchased a new position in shares of DNOW in the third quarter valued at $72,302,000. Wellington Management Group LLP boosted its stake in shares of DNOW by 260.2% in the third quarter. Wellington Management Group LLP now owns 3,764,823 shares of the oil and gas company's stock valued at $57,414,000 after purchasing an additional 2,719,594 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of DNOW in the third quarter valued at $32,094,000. Balyasny Asset Management L.P. boosted its stake in shares of DNOW by 87.6% in the third quarter. Balyasny Asset Management L.P. now owns 1,182,713 shares of the oil and gas company's stock valued at $18,036,000 after purchasing an additional 552,285 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of DNOW by 2,936.5% in the second quarter. Cubist Systematic Strategies LLC now owns 304,165 shares of the oil and gas company's stock valued at $4,511,000 after purchasing an additional 294,148 shares during the period. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Stock Down 0.5%

Shares of NYSE:DNOW opened at $12.19 on Friday. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -42.02 and a beta of 0.79. DNOW Inc. has a 1-year low of $10.94 and a 1-year high of $17.26. The company's fifty day moving average is $13.13 and its two-hundred day moving average is $13.79. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.11 and a current ratio of 2.34.

DNOW (NYSE:DNOW - Get Free Report) last issued its earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share for the quarter, hitting analysts' consensus estimates of $0.15. DNOW had a negative net margin of 2.66% and a positive return on equity of 7.26%. The company had revenue of $959.00 million for the quarter, compared to analysts' expectations of $969.50 million. During the same period in the prior year, the company earned $0.25 earnings per share. The firm's revenue was up 68.0% compared to the same quarter last year. Equities analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. KeyCorp set a $19.00 target price on shares of DNOW in a research note on Thursday, December 18th. Zacks Research downgraded shares of DNOW from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 24th. Wall Street Zen downgraded shares of DNOW from a "buy" rating to a "hold" rating in a research note on Sunday, March 8th. Weiss Ratings downgraded shares of DNOW from a "hold (c)" rating to a "sell (d+)" rating in a research note on Friday, February 27th. Finally, Stifel Nicolaus reduced their price objective on shares of DNOW from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Monday, February 23rd. Two analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price 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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