New York State Teachers Retirement System Cuts Position in DNOW Inc. $DNOW

New York State Teachers Retirement System trimmed its position in shares of DNOW Inc. (NYSE:DNOW) by 34.5% during the first quarter, Holdings Channel reports. The firm owned 152,548 shares of the oil and gas company’s stock after selling 80,337 shares during the quarter. New York State Teachers Retirement System’s holdings in DNOW were worth $1,817,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of DNOW. Penn Capital Management Company LLC lifted its position in shares of DNOW by 15.5% during the third quarter. Penn Capital Management Company LLC now owns 1,196,075 shares of the oil and gas company’s stock worth $18,283,000 after purchasing an additional 160,560 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of DNOW by 66.1% in the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock valued at $258,351,000 after purchasing an additional 7,762,071 shares in the last quarter. Pullen Investment Management LLC purchased a new stake in DNOW during the 4th quarter worth approximately $2,177,000. BOKF NA increased its stake in DNOW by 13,223.9% during the 4th quarter. BOKF NA now owns 393,456 shares of the oil and gas company’s stock worth $5,213,000 after buying an additional 390,503 shares during the period. Finally, CSM Advisors LLC lifted its holdings in DNOW by 13.7% during the 3rd quarter. CSM Advisors LLC now owns 365,777 shares of the oil and gas company’s stock worth $5,577,000 after buying an additional 44,056 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Stock Performance

NYSE DNOW opened at $13.05 on Friday. The company has a fifty day moving average of $13.24 and a two-hundred day moving average of $13.27. The company has a market capitalization of $2.38 billion, a PE ratio of -17.88 and a beta of 0.83. DNOW Inc. has a 1 year low of $10.94 and a 1 year high of $17.26. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.42 and a quick ratio of 1.14.

DNOW (NYSE:DNOW) last posted its earnings results on Thursday, May 7th. The oil and gas company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). DNOW had a positive return on equity of 4.94% and a negative net margin of 4.14%.The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $0.22 EPS. The firm’s revenue for the quarter was up 97.5% on a year-over-year basis. As a group, analysts expect that DNOW Inc. will post 0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on DNOW shares. Wall Street Zen downgraded shares of DNOW from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research upgraded DNOW from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. Freedom Capital upgraded DNOW to a “strong-buy” rating in a report on Monday, June 22nd. Weiss Ratings reissued a “sell (d+)” rating on shares of DNOW in a research note on Wednesday, May 27th. Finally, DA Davidson began coverage on DNOW in a report on Tuesday, June 16th. They set a “buy” rating and a $17.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $17.00.

DNOW Profile

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.