JPMorgan Chase & Co. Reduces Holdings in DNOW Inc. $DNOW

JPMorgan Chase & Co. decreased its stake in shares of DNOW Inc. (NYSE:DNOW) by 14.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,343,093 shares of the oil and gas company’s stock after selling 219,030 shares during the period. JPMorgan Chase & Co. owned approximately 1.25% of DNOW worth $19,918,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Brooklyn Investment Group boosted its position in DNOW by 2,650.0% during the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 1,643 shares in the last quarter. Headlands Technologies LLC lifted its stake in shares of DNOW by 21,663.6% in the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 2,383 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of DNOW during the first quarter valued at approximately $58,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in DNOW in the first quarter worth $63,000. Finally, Covestor Ltd raised its holdings in DNOW by 437.2% in the first quarter. Covestor Ltd now owns 4,507 shares of the oil and gas company’s stock worth $76,000 after purchasing an additional 3,668 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on DNOW shares. Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price on the stock in a research report on Friday, November 21st. Zacks Research cut shares of DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of DNOW in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $18.00 target price on shares of DNOW in a report on Monday, November 24th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.00.

DNOW Stock Up 0.7%

NYSE:DNOW opened at $14.28 on Friday. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 16.41 and a beta of 0.81. The company’s 50 day moving average price is $14.21 and its 200-day moving average price is $14.73. DNOW Inc. has a 52 week low of $12.01 and a 52 week high of $18.45.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The business had revenue of $634.00 million for the quarter, compared to analysts’ expectations of $637.13 million. During the same period in the prior year, the firm posted $0.21 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current year.

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.