Public Sector Pension Investment Board Grows Holdings in DNOW Inc. (NYSE:DNOW)

Public Sector Pension Investment Board raised its position in shares of DNOW Inc. (NYSE:DNOW) by 7.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 235,026 shares of the oil and gas company’s stock after purchasing an additional 17,071 shares during the quarter. Public Sector Pension Investment Board’s holdings in DNOW were worth $3,227,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DNOW. Pacer Advisors Inc. lifted its stake in shares of DNOW by 71.5% during the 2nd quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock valued at $96,768,000 after buying an additional 2,939,502 shares in the last quarter. American Century Companies Inc. raised its holdings in DNOW by 141.2% during the second quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock valued at $21,532,000 after acquiring an additional 918,131 shares during the period. Norges Bank purchased a new position in shares of DNOW in the fourth quarter valued at about $8,312,000. Dimensional Fund Advisors LP boosted its stake in shares of DNOW by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after acquiring an additional 390,671 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in shares of DNOW during the first quarter worth about $4,571,000. 97.63% of the stock is currently owned by institutional investors.

DNOW Price Performance

NYSE DNOW opened at $12.84 on Friday. The stock has a market capitalization of $1.37 billion, a PE ratio of 5.92 and a beta of 1.43. DNOW Inc. has a 1-year low of $9.44 and a 1-year high of $15.65. The business has a 50 day simple moving average of $13.11 and a two-hundred day simple moving average of $13.82.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a return on equity of 9.93% and a net margin of 9.70%. The business had revenue of $633.00 million during the quarter, compared to the consensus estimate of $638.20 million. On average, analysts anticipate that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Susquehanna dropped their price target on DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Stifel Nicolaus lifted their price target on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, July 18th.

About DNOW

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.