New York State Teachers Retirement System Reduces Holdings in DNOW Inc. $DNOW

New York State Teachers Retirement System trimmed its holdings in shares of DNOW Inc. (NYSE:DNOW) by 34.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 owned approximately 0.08% of DNOW worth $1,817,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DNOW. Vanguard Group Inc. raised its position in 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 worth $258,351,000 after acquiring an additional 7,762,071 shares during the period. Wellington Management Group LLP grew its position in shares of DNOW by 187.2% during the 4th quarter. Wellington Management Group LLP now owns 10,813,205 shares of the oil and gas company’s stock valued at $143,275,000 after acquiring an additional 7,048,382 shares during the period. Boston Partners bought a new stake in shares of DNOW during the 3rd quarter valued at $72,302,000. Pzena Investment Management LLC purchased a new stake in shares of DNOW in the 4th quarter worth $55,135,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of DNOW by 60.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,374,585 shares of the oil and gas company’s stock worth $137,466,000 after purchasing an additional 3,920,731 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

DNOW Trading Up 1.7%

Shares of DNOW stock opened at $13.05 on Friday. DNOW Inc. has a 12-month low of $10.94 and a 12-month high of $17.26. The stock’s 50-day moving average price is $13.24 and its 200-day moving average price is $13.27. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -17.88 and a beta of 0.83. The company has a current ratio of 2.42, a quick ratio of 1.14 and a debt-to-equity ratio of 0.27.

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

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.