South Dakota Investment Council Cuts Stake in DNOW Inc. (NYSE:DNOW)

South Dakota Investment Council lowered its position in DNOW Inc. (NYSE:DNOW) by 8.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 572,380 shares of the oil and gas company’s stock after selling 52,300 shares during the period. South Dakota Investment Council’s holdings in DNOW were worth $6,479,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. New York State Common Retirement Fund boosted its stake in DNOW by 4.7% in the fourth quarter. New York State Common Retirement Fund now owns 911,682 shares of the oil and gas company’s stock worth $10,320,000 after buying an additional 40,723 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in DNOW by 15.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,518 shares of the oil and gas company’s stock worth $300,000 after buying an additional 3,602 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in DNOW in the fourth quarter worth approximately $602,000. New York State Teachers Retirement System boosted its stake in DNOW by 1.2% in the fourth quarter. New York State Teachers Retirement System now owns 216,263 shares of the oil and gas company’s stock worth $2,448,000 after buying an additional 2,469 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in DNOW by 6.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 898,902 shares of the oil and gas company’s stock worth $10,176,000 after buying an additional 53,782 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

Shares of DNOW stock traded down $0.38 during midday trading on Wednesday, reaching $14.77. 321,484 shares of the company’s stock traded hands, compared to its average volume of 1,113,489. The company has a market cap of $1.61 billion, a PE ratio of 6.70 and a beta of 1.48. The stock has a 50 day moving average of $14.33 and a 200-day moving average of $11.93. DNOW Inc. has a 12 month low of $8.83 and a 12 month high of $15.57.

DNOW (NYSE:DNOW) last announced its earnings results on Thursday, February 15th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.07. The company had revenue of $555.00 million during the quarter, compared to the consensus estimate of $540.83 million. DNOW had a return on equity of 11.60% and a net margin of 10.64%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 earnings per share. On average, equities analysts anticipate that DNOW Inc. will post 1.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Susquehanna boosted their price objective on DNOW from $13.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, April 8th. StockNews.com downgraded DNOW from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, February 28th. Finally, Stifel Nicolaus boosted their price objective on DNOW from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, March 28th.

DNOW Company Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.