Empowered Funds LLC Buys New Position in DNOW Inc. $DNOW

Empowered Funds LLC purchased a new stake in shares of DNOW Inc. (NYSE:DNOW) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 677,911 shares of the oil and gas company’s stock, valued at approximately $8,793,000. Empowered Funds LLC owned approximately 0.37% of DNOW at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of DNOW. BlackRock Inc. purchased a new position in shares of DNOW during the second quarter worth approximately $374,942,000. Vanguard Group Inc. lifted its holdings in DNOW by 66.1% during the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock valued at $258,351,000 after purchasing an additional 7,762,071 shares in the last quarter. Wellington Management Group LLP lifted its holdings in DNOW by 187.2% in 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 purchasing an additional 7,048,382 shares in the last quarter. Engine Capital Management LP purchased a new position in DNOW in the 1st quarter worth approximately $61,525,000. Finally, Boston Partners purchased a new stake in DNOW in the 3rd quarter valued at $72,302,000. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Down 2.0%

Shares of NYSE DNOW opened at $15.95 on Friday. The business has a 50-day moving average of $14.40 and a two-hundred day moving average of $13.45. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of -14.91 and a beta of 0.82. 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 0.23, a current ratio of 2.14 and a quick ratio of 1.06.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. The firm’s revenue was up 108.1% on a year-over-year basis. On average, analysts forecast that DNOW Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on DNOW shares. Wall Street Zen raised shares of DNOW from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “sell (d+)” rating on shares of DNOW in a report on Monday, August 24th. Freedom Capital upgraded DNOW to a “strong-buy” rating in a research report on Monday, June 22nd. DA Davidson increased their price objective on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Finally, Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. One equities research 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 assigned a Sell rating to the company. Based on data from MarketBeat, DNOW has a consensus rating of “Moderate Buy” and a consensus price target of $18.25.

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.