Edgestream Partners L.P. Takes Position in DNOW Inc. $DNOW

Edgestream Partners L.P. acquired a new position in shares of DNOW Inc. (NYSE:DNOW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 143,878 shares of the oil and gas company’s stock, valued at approximately $2,134,000. Edgestream Partners L.P. owned about 0.13% of DNOW as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Panagora Asset Management Inc. boosted its position in shares of DNOW by 1.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 168,248 shares of the oil and gas company’s stock valued at $2,495,000 after acquiring an additional 2,707 shares during the last quarter. New York State Common Retirement Fund raised its stake in DNOW by 5.3% during the second quarter. New York State Common Retirement Fund now owns 689,951 shares of the oil and gas company’s stock worth $10,232,000 after purchasing an additional 34,937 shares during the period. Norges Bank purchased a new position in DNOW during the second quarter worth about $1,192,000. Hsbc Holdings PLC boosted its holdings in DNOW by 14.9% in the 2nd quarter. Hsbc Holdings PLC now owns 157,052 shares of the oil and gas company’s stock valued at $2,442,000 after purchasing an additional 20,372 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of DNOW by 320.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 172,165 shares of the oil and gas company’s stock valued at $2,553,000 after buying an additional 131,211 shares during the period. 97.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on DNOW. Stifel Nicolaus reaffirmed a “buy” rating and set a $18.00 price target on shares of DNOW in a research report on Monday, November 24th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price for the company in a research note on Friday, November 21st. Weiss Ratings restated a “hold (c+)” rating on shares of DNOW in a research report on Wednesday, October 8th. Finally, Zacks Research cut DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, DNOW has a consensus rating of “Moderate Buy” and an average price target of $17.00.

DNOW Stock Up 0.7%

NYSE:DNOW opened at $14.28 on Friday. DNOW Inc. has a 52 week low of $12.01 and a 52 week high of $18.45. The stock’s fifty day moving average is $14.21 and its two-hundred day moving average is $14.73. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 16.41 and a beta of 0.81.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The firm had revenue of $634.00 million for the quarter, compared to the consensus estimate of $637.13 million. During the same quarter in the previous year, the business earned $0.21 EPS. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, sell-side analysts expect 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.