Renaissance Technologies LLC Has $53.09 Million Position in DNOW Inc. $DNOW

Renaissance Technologies LLC lessened its stake in shares of DNOW Inc. (NYSE:DNOW) by 17.4% during the first quarter, Holdings Channel.com reports. The fund owned 4,458,025 shares of the oil and gas company’s stock after selling 936,300 shares during the period. Renaissance Technologies LLC’s holdings in DNOW were worth $53,095,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DNOW. Blue Trust Inc. acquired a new stake in shares of DNOW during the 4th quarter worth $25,000. Quarry LP increased its position in shares of DNOW by 712.6% in the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,703 shares during the period. EverSource Wealth Advisors LLC raised its stake in DNOW by 190.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock valued at $36,000 after purchasing an additional 1,589 shares in the last quarter. Clearstead Advisors LLC raised its stake in DNOW by 132.5% in the fourth quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,383 shares in the last quarter. Finally, Arax Advisory Partners lifted its position in DNOW by 336.3% during the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 2,156 shares during the period. 97.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on DNOW shares. Freedom Capital upgraded shares of DNOW to a “strong-buy” rating in a research note on Monday, June 22nd. Zacks Research upgraded shares of DNOW from a “strong sell” rating to a “hold” rating in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of DNOW from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “sell (d+)” rating on shares of DNOW in a research report on Wednesday, May 27th. Finally, DA Davidson assumed coverage on shares of DNOW in a research note on Tuesday, June 16th. They issued a “buy” rating and a $17.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $17.00.

DNOW Stock Performance

NYSE:DNOW opened at $14.45 on Monday. The stock’s 50-day simple moving average is $13.36 and its 200 day simple moving average is $13.29. The firm has a market capitalization of $2.64 billion, a PE ratio of -19.79 and a beta of 0.83. The company has a quick ratio of 1.14, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. DNOW Inc. has a twelve month low of $10.94 and a twelve month high of $17.26.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.08 billion. DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The business’s revenue was up 97.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.22 EPS. On average, analysts anticipate that DNOW Inc. will post 0.31 EPS for the current fiscal year.

DNOW Company Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.