First Trust Advisors LP Raises Stock Position in DNOW Inc. $DNOW

First Trust Advisors LP boosted its position in DNOW Inc. (NYSE:DNOW) by 470.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,952,023 shares of the oil and gas company’s stock after purchasing an additional 1,609,981 shares during the quarter. First Trust Advisors LP owned about 1.82% of DNOW worth $28,949,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in DNOW. Brooklyn Investment Group raised its position in shares of DNOW by 2,650.0% in the first quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company’s stock worth $29,000 after buying an additional 1,643 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in DNOW by 190.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after acquiring an additional 1,589 shares during the last quarter. Headlands Technologies LLC raised its holdings in shares of DNOW by 21,663.6% in the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company’s stock valued at $41,000 after acquiring an additional 2,383 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of DNOW during the 1st quarter valued at about $63,000. Finally, Covestor Ltd boosted its position in shares of DNOW by 437.2% during the 1st quarter. Covestor Ltd now owns 4,507 shares of the oil and gas company’s stock valued at $76,000 after acquiring an additional 3,668 shares during 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 opened at $14.19 on Thursday. The business has a 50-day moving average of $14.10 and a 200 day moving average of $14.71. DNOW Inc. has a 1-year low of $12.01 and a 1-year high of $18.45. The stock has a market capitalization of $1.49 billion, a PE ratio of 16.31 and a beta of 0.81.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. DNOW had a net margin of 3.91% and a return on equity of 9.35%. The business had revenue of $634.00 million for the quarter, compared to analyst estimates of $637.13 million. During the same quarter last year, the firm earned $0.21 EPS. The company’s revenue was up 4.6% on a year-over-year basis. Analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

DNOW has been the subject of several research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of DNOW in a research report on Wednesday, October 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $18.00 price objective on shares of DNOW in a report on Monday, November 24th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price on the stock in a research note on Friday, November 21st. Finally, Zacks Research downgraded DNOW from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, DNOW presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

DNOW 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.