Public Sector Pension Investment Board Increases Position in DNOW Inc. (NYSE:DNOW)

Public Sector Pension Investment Board raised its holdings in shares of DNOW Inc. (NYSE:DNOW) by 7.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 235,026 shares of the oil and gas company’s stock after purchasing an additional 17,071 shares during the period. Public Sector Pension Investment Board owned 0.22% of DNOW worth $3,227,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in DNOW by 71.5% during the second quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock valued at $96,768,000 after buying an additional 2,939,502 shares during the last quarter. American Century Companies Inc. raised its position in shares of DNOW by 141.2% in the 2nd quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock worth $21,532,000 after purchasing an additional 918,131 shares during the last quarter. Norges Bank bought a new position in DNOW in the 4th quarter worth about $8,312,000. Dimensional Fund Advisors LP boosted its stake in DNOW by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after purchasing an additional 390,671 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in DNOW during the 1st quarter valued at about $4,571,000. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DNOW has been the topic of several analyst reports. Susquehanna dropped their target price on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Stifel Nicolaus lifted their target price on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

DNOW Stock Performance

DNOW opened at $12.84 on Friday. The company’s 50-day simple moving average is $13.11 and its two-hundred day simple moving average is $13.82. DNOW Inc. has a 52-week low of $9.44 and a 52-week high of $15.65. The stock has a market capitalization of $1.37 billion, a P/E ratio of 5.92 and a beta of 1.43.

DNOW (NYSE:DNOW) last issued its earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). The company had revenue of $633.00 million during the quarter, compared to analysts’ expectations of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. Research analysts forecast that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW Company 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.