Pzena Investment Management LLC Takes Position in DNOW Inc. $DNOW

Pzena Investment Management LLC acquired a new position in DNOW Inc. (NYSE:DNOW) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 2,893,482 shares of the oil and gas company’s stock, valued at approximately $37,528,000.

Several other large investors have also modified their holdings of DNOW. Royal Bank of Canada raised its holdings in DNOW by 28.2% in the 1st quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company’s stock worth $611,000 after acquiring an additional 7,867 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in DNOW by 53.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,708 shares of the oil and gas company’s stock valued at $6,127,000 after acquiring an additional 124,797 shares during the period. Norges Bank bought a new stake in DNOW during the second quarter valued at about $1,192,000. Quantbot Technologies LP acquired a new stake in shares of DNOW in the second quarter valued at about $283,000. Finally, Invesco Ltd. increased its stake in shares of DNOW by 31.1% in the second quarter. Invesco Ltd. now owns 792,481 shares of the oil and gas company’s stock worth $11,752,000 after purchasing an additional 187,878 shares during the period. 97.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Freedom Capital raised DNOW to a “strong-buy” rating in a research report on Monday, June 22nd. DA Davidson raised their target price on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 10th. Susquehanna lifted their price target on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. Zacks Research upgraded DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.25.

DNOW Stock Performance

NYSE:DNOW opened at $16.15 on Tuesday. The firm’s 50-day moving average is $14.01 and its 200-day moving average is $13.42. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -15.09 and a beta of 0.82. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. DNOW Inc. has a 52-week low of $10.94 and a 52-week high of $17.26.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the company earned $0.27 earnings per share. The firm’s revenue was up 108.1% on a year-over-year basis. Equities research analysts anticipate that DNOW Inc. will post 0.34 earnings per share for the current year.

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.