Empowered Funds LLC Invests $8.79 Million in DNOW Inc. $DNOW

Empowered Funds LLC acquired a new stake in DNOW Inc. (NYSE:DNOW) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 677,911 shares of the oil and gas company’s stock, valued at approximately $8,793,000.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of DNOW by 66.1% during 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 buying an additional 7,762,071 shares during the last quarter. BOKF NA lifted its position in shares of DNOW by 13,223.9% in the fourth quarter. BOKF NA now owns 393,456 shares of the oil and gas company’s stock valued at $5,213,000 after acquiring an additional 390,503 shares in the last quarter. Caisse Des Depots ET Consignations acquired a new position in DNOW in the 4th quarter valued at about $596,000. Engine Capital Management LP purchased a new position in DNOW in the 1st quarter valued at about $61,525,000. Finally, Bailard Inc. acquired a new stake in shares of DNOW during the 4th quarter worth about $1,820,000. 97.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on DNOW. DA Davidson raised their target price on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. Susquehanna increased their price objective on shares of DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a report on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of DNOW in a report on Monday, August 24th. One equities 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.25.

DNOW Trading Down 2.0%

DNOW opened at $15.95 on Friday. DNOW Inc. has a 12-month low of $10.94 and a 12-month high of $17.26. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06. The stock has a market capitalization of $2.88 billion, a PE ratio of -14.91 and a beta of 0.82. The firm’s fifty day moving average price is $14.40 and its 200 day moving average price is $13.45.

DNOW (NYSE:DNOW) last released its 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 during the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The company’s revenue was up 108.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.27 EPS. As a group, research analysts expect that DNOW Inc. will post 0.34 EPS for the current fiscal year.

DNOW 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.