Weiss Asset Management LP Buys New Stake in DNOW Inc. (NYSE:DNOW)

Weiss Asset Management LP purchased a new position in DNOW Inc. (NYSE:DNOW) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 156,638 shares of the oil and gas company’s stock, valued at approximately $2,025,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC lifted its holdings in DNOW by 144.9% in the 2nd 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. NorthCrest Asset Manangement LLC purchased a new stake in shares of DNOW during the 2nd quarter valued at about $158,000. Summit Global Investments boosted its position in DNOW by 25.4% in the 2nd quarter. Summit Global Investments now owns 70,205 shares of the oil and gas company’s stock valued at $964,000 after buying an additional 14,207 shares during the last quarter. SummerHaven Investment Management LLC boosted its stake in shares of DNOW by 1.6% during the 2nd quarter. SummerHaven Investment Management LLC now owns 68,946 shares of the oil and gas company’s stock valued at $947,000 after buying an additional 1,068 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in DNOW by 1.9% during the second quarter. Louisiana State Employees Retirement System now owns 53,700 shares of the oil and gas company’s stock valued at $737,000 after buying an additional 1,000 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a report on Thursday, August 15th.

Insider Activity

In related news, Director Paul M. Coppinger sold 26,186 shares of the business’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the sale, the director now owns 56,568 shares of the company’s stock, valued at $868,318.80. The trade was a 31.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

DNOW Stock Down 1.5 %

Shares of NYSE:DNOW opened at $14.63 on Friday. The company’s 50-day moving average price is $13.42 and its 200 day moving average price is $13.39. The company has a market cap of $1.55 billion, a PE ratio of 7.82 and a beta of 1.50. DNOW Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $15.65.

DNOW (NYSE:DNOW) last issued its quarterly earnings data on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The business had revenue of $606.00 million during the quarter, compared to the consensus estimate of $614.92 million. The business’s revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. As a group, equities analysts anticipate that DNOW Inc. will post 0.81 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.