Highland Capital Management LLC Increases Stock Holdings in DNOW Inc. (NYSE:DNOW)

Highland Capital Management LLC boosted its position in shares of DNOW Inc. (NYSE:DNOW) by 11.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,417 shares of the oil and gas company’s stock after acquiring an additional 1,669 shares during the quarter. Highland Capital Management LLC’s holdings in DNOW were worth $212,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in shares of 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 valued at $38,000 after buying an additional 2,561 shares during the period. Headlands Technologies LLC purchased a new position in shares of DNOW in the 1st quarter valued at about $44,000. Quarry LP boosted its stake in shares of DNOW by 75.6% in the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 1,908 shares during the period. Innealta Capital LLC purchased a new position in shares of DNOW in the 2nd quarter valued at about $67,000. Finally, nVerses Capital LLC purchased a new position in shares of DNOW in the 3rd quarter valued at about $78,000. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on DNOW. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Stifel Nicolaus raised their target price on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Finally, Susquehanna cut their target price on DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th.

DNOW Stock Performance

Shares of NYSE DNOW opened at $11.92 on Monday. DNOW Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The firm has a market capitalization of $1.27 billion, a PE ratio of 5.49 and a beta of 1.43. The stock’s 50-day simple moving average is $12.54 and its 200-day simple moving average is $13.46.

DNOW (NYSE:DNOW) last issued its 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). The business had revenue of $633.00 million for the quarter, compared to analyst estimates of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. On average, sell-side analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.