Exchange Traded Concepts LLC Has $1.04 Million Stock Position in DNOW Inc. (NYSE:DNOW)

Exchange Traded Concepts LLC increased its position in shares of DNOW Inc. (NYSE:DNOW) by 31.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,254 shares of the oil and gas company’s stock after acquiring an additional 19,153 shares during the quarter. Exchange Traded Concepts LLC’s holdings in DNOW were worth $1,038,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its stake in DNOW by 1,062.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 2,561 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of DNOW in the 1st quarter valued at about $44,000. Quarry LP lifted its position in shares of DNOW by 75.6% in the second quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 1,908 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of DNOW during the second quarter worth approximately $67,000. Finally, CWM LLC grew its position in DNOW by 144.9% during the second quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after purchasing an additional 4,004 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 opened at $12.47 on Thursday. The firm has a market cap of $1.33 billion, a PE ratio of 5.75 and a beta of 1.43. The firm’s 50 day moving average price is $12.63 and its 200 day moving average price is $13.63. DNOW Inc. has a twelve month low of $9.44 and a twelve month high of $15.65.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DNOW shares. Susquehanna cut their target price on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus increased their price objective on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Finally, StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.

DNOW 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.