BlackRock Inc. Makes New $374.94 Million Investment in DNOW Inc. $DNOW

BlackRock Inc. acquired a new stake in DNOW Inc. (NYSE:DNOW) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 28,908,385 shares of the oil and gas company’s stock, valued at approximately $374,942,000. BlackRock Inc. owned 0.16% of DNOW as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Deutsche Bank AG bought a new position in shares of DNOW in the second quarter worth approximately $2,985,000. Bank of New York Mellon Corp purchased a new stake in DNOW during the 2nd quarter valued at $14,886,000. State of Wyoming purchased a new stake in DNOW during the 2nd quarter valued at $127,000. GSA Capital Partners LLP bought a new stake in DNOW in the 2nd quarter worth $2,102,000. Finally, Summit Global Investments bought a new stake in DNOW in the 2nd quarter worth $220,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Stock Up 1.9%

Shares of NYSE:DNOW opened at $15.76 on Wednesday. The firm has a market capitalization of $2.85 billion, a P/E ratio of -14.73 and a beta of 0.82. 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 stock has a 50 day moving average price of $14.25 and a 200-day moving average price of $13.43. DNOW Inc. has a 52-week low of $10.94 and a 52-week high of $17.26.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.27 billion. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.The firm’s revenue for the quarter was up 108.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.27 earnings per share. As a group, equities research analysts anticipate that DNOW Inc. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DNOW in a research note on Wednesday, May 27th. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. DA Davidson boosted their price target on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 10th. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a research report on Friday, May 22nd. Finally, Susquehanna increased their price objective on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, DNOW has an average rating of “Moderate Buy” and a consensus target price 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.