DNOW Inc. $DNOW Stake Reduced by Penn Capital Management Company LLC

Penn Capital Management Company LLC cut its stake in DNOW Inc. (NYSE:DNOW) by 43.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 669,753 shares of the oil and gas company’s stock after selling 508,171 shares during the period. Penn Capital Management Company LLC’s holdings in DNOW were worth $8,703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of DNOW by 66.1% in the 4th quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock worth $258,351,000 after acquiring an additional 7,762,071 shares during the period. BOKF NA lifted its position in DNOW by 13,223.9% in the 4th quarter. BOKF NA now owns 393,456 shares of the oil and gas company’s stock valued at $5,213,000 after purchasing an additional 390,503 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new position in DNOW during the 4th quarter valued at about $596,000. Engine Capital Management LP acquired a new position in DNOW during the 1st quarter valued at about $61,525,000. Finally, Bailard Inc. bought a new position in DNOW in the 4th quarter worth about $1,820,000. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Performance

Shares of NYSE DNOW opened at $15.95 on Friday. The stock has a fifty day moving average price of $14.40 and a two-hundred day moving average price of $13.45. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. The firm has a market cap of $2.88 billion, a P/E ratio of -14.91 and a beta of 0.82. DNOW Inc. has a 1 year low of $10.94 and a 1 year high of $17.26.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.The company’s quarterly revenue was up 108.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 EPS. Research analysts forecast that DNOW Inc. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on DNOW shares. Freedom Capital raised DNOW to a “strong-buy” rating in a report on Monday, June 22nd. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings restated a “sell (d+)” rating on shares of DNOW in a research report on Monday, August 24th. DA Davidson lifted their target price on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Susquehanna boosted their price target on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, DNOW has an average rating of “Moderate Buy” and a consensus price target of $18.25.

About DNOW

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.