Arizona State Retirement System Purchases 1,263 Shares of DNOW Inc. (NYSE:DNOW)

Arizona State Retirement System raised its position in DNOW Inc. (NYSE:DNOW) by 4.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,485 shares of the oil and gas company’s stock after buying an additional 1,263 shares during the quarter. Arizona State Retirement System’s holdings in DNOW were worth $419,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its holdings in shares of DNOW by 2.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,095,429 shares of the oil and gas company’s stock worth $69,001,000 after buying an additional 161,840 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of DNOW by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,989,506 shares of the oil and gas company’s stock worth $22,521,000 after acquiring an additional 49,310 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of DNOW by 14.5% in the 4th quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock valued at $10,487,000 after purchasing an additional 117,612 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of DNOW by 0.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 889,841 shares of the oil and gas company’s stock valued at $12,218,000 after purchasing an additional 6,104 shares during the last quarter. Finally, Norges Bank acquired a new position in DNOW during the 4th quarter worth approximately $8,312,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

DNOW Price Performance

DNOW opened at $12.81 on Wednesday. DNOW Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The company’s 50 day moving average price is $13.29 and its two-hundred day moving average price is $13.91. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 5.90 and a beta of 1.43.

DNOW (NYSE:DNOW) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. As a group, equities research analysts predict 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.