Brant Point Investment Management LLC Makes New Investment in DNOW Inc. $DNOW

Brant Point Investment Management LLC acquired a new stake in shares of DNOW Inc. (NYSE:DNOW) in the second quarter, HoldingsChannel.com reports. The firm acquired 50,000 shares of the oil and gas company’s stock, valued at approximately $742,000.

Several other large investors have also made changes to their positions in DNOW. Ameriprise Financial Inc. lifted its holdings in DNOW by 376.3% during the 1st quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company’s stock valued at $49,802,000 after purchasing an additional 2,302,738 shares during the last quarter. Geode Capital Management LLC grew its stake in DNOW by 1.3% during the second quarter. Geode Capital Management LLC now owns 2,524,052 shares of the oil and gas company’s stock worth $37,437,000 after buying an additional 32,317 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of DNOW by 19.3% during the second quarter. American Century Companies Inc. now owns 2,389,433 shares of the oil and gas company’s stock worth $35,435,000 after buying an additional 386,383 shares in the last quarter. First Trust Advisors LP raised its stake in shares of DNOW by 470.7% in the second quarter. First Trust Advisors LP now owns 1,952,023 shares of the oil and gas company’s stock valued at $28,949,000 after acquiring an additional 1,609,981 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of DNOW by 57.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,797,651 shares of the oil and gas company’s stock valued at $26,659,000 after acquiring an additional 654,490 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

Wall Street Analyst Weigh In

DNOW has been the subject of a number of recent analyst reports. Zacks Research cut DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Stifel Nicolaus restated a “buy” rating and issued a $18.00 target price on shares of DNOW in a research note on Monday, November 24th. Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target on the stock in a research report on Friday, November 21st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of DNOW in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $17.00.

DNOW Stock Down 2.4%

Shares of DNOW opened at $13.96 on Monday. DNOW Inc. has a 12-month low of $12.01 and a 12-month high of $18.45. The firm has a market capitalization of $1.47 billion, a PE ratio of 16.04 and a beta of 0.81. The stock’s fifty day simple moving average is $14.18 and its 200-day simple moving average is $14.72.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The firm had revenue of $634.00 million during the quarter, compared to analyst estimates of $637.13 million. During the same period last year, the company earned $0.21 earnings per share. The company’s revenue was up 4.6% on a year-over-year basis. Analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

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.