OP Asset Management Ltd Acquires New Shares in DNOW Inc. $DNOW

OP Asset Management Ltd bought a new position in DNOW Inc. (NYSE:DNOW) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 104,288 shares of the oil and gas company’s stock, valued at approximately $1,242,000. OP Asset Management Ltd owned about 0.06% of DNOW as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of DNOW by 28.2% in the first 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 lifted its position 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 purchasing an additional 124,797 shares during the period. Norges Bank bought a new position in DNOW during the second quarter valued at approximately $1,192,000. Quantbot Technologies LP purchased a new stake in DNOW in the second quarter worth approximately $283,000. Finally, Invesco Ltd. boosted its holdings in 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 last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

DNOW opened at $13.14 on Tuesday. 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. The firm has a market cap of $2.40 billion, a P/E ratio of -17.99 and a beta of 0.82. The company has a 50 day simple moving average of $13.17 and a two-hundred day simple moving average of $13.34.

DNOW (NYSE:DNOW) last posted its quarterly 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 negative net margin of 4.14% and a positive return on equity of 4.94%. The business had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the business earned $0.22 earnings per share. DNOW’s revenue was up 97.5% compared to the same quarter last year. Equities analysts forecast that DNOW Inc. will post 0.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

DNOW Company 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.