First Trust Advisors LP Boosts Stake in DNOW Inc. $DNOW

First Trust Advisors LP lifted its stake in shares of DNOW Inc. (NYSE:DNOW) by 2,335.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 4,065,728 shares of the oil and gas company’s stock after purchasing an additional 3,898,758 shares during the quarter. First Trust Advisors LP’s holdings in DNOW were worth $48,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in DNOW. Blue Trust Inc. acquired a new position in shares of DNOW in the 4th quarter valued at $25,000. Quarry LP lifted its position in DNOW by 712.6% during the 4th quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,703 shares during the period. Clearstead Advisors LLC lifted its position in DNOW by 132.5% during the 4th quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 1,383 shares during the period. EverSource Wealth Advisors LLC grew its stake in DNOW by 190.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 1,589 shares during the last quarter. Finally, Arax Advisory Partners grew its stake in DNOW by 336.3% during the 4th quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 2,156 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

DNOW Stock Up 0.3%

DNOW stock opened at $14.45 on Monday. The business’s 50-day moving average price is $13.36 and its 200 day moving average price is $13.29. The company has a quick ratio of 1.14, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -19.79 and a beta of 0.83. DNOW Inc. has a 52 week low of $10.94 and a 52 week high of $17.26.

DNOW (NYSE:DNOW) last announced its quarterly earnings results 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). DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the firm posted $0.22 earnings per share. The company’s revenue was up 97.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that DNOW Inc. will post 0.31 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.