Quantedge Capital Pte Ltd Sells 298,023 Shares of DNOW Inc. $DNOW

Quantedge Capital Pte Ltd trimmed its holdings in shares of DNOW Inc. (NYSE:DNOW) by 29.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 710,210 shares of the oil and gas company’s stock after selling 298,023 shares during the quarter. DNOW accounts for about 9.6% of Quantedge Capital Pte Ltd’s portfolio, making the stock its largest position. Quantedge Capital Pte Ltd owned 0.66% of DNOW worth $10,532,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of DNOW. Brooklyn Investment Group lifted its holdings in shares of DNOW by 2,650.0% during the first quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 1,643 shares during the period. EverSource Wealth Advisors LLC raised its position in DNOW by 190.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after purchasing an additional 1,589 shares during the last quarter. Headlands Technologies LLC lifted its holdings in DNOW by 21,663.6% during the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company’s stock worth $41,000 after buying an additional 2,383 shares during the period. New Age Alpha Advisors LLC bought a new stake in shares of DNOW in the 1st quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of DNOW in the first quarter worth approximately $63,000. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

DNOW stock opened at $13.96 on Wednesday. The company has a market cap of $1.47 billion, a P/E ratio of 16.04 and a beta of 0.81. DNOW Inc. has a fifty-two week low of $12.01 and a fifty-two week high of $18.45. The stock’s 50 day simple moving average is $14.12 and its 200 day simple moving average is $14.71.

DNOW (NYSE:DNOW) last issued its earnings results on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The company had revenue of $634.00 million for the quarter, compared to analyst estimates of $637.13 million. During the same period in the prior year, the firm earned $0.21 earnings per share. DNOW’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts predict that DNOW Inc. will post 0.86 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DNOW shares. Weiss Ratings restated a “hold (c+)” rating on shares of DNOW in a research report on Wednesday, October 8th. Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price on the stock in a report on Friday, November 21st. Zacks Research downgraded DNOW from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $18.00 price objective on shares of DNOW in a research report on Monday, November 24th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.00.

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.