Renaissance Technologies LLC Sells 936,300 Shares of DNOW Inc. $DNOW

Renaissance Technologies LLC cut its holdings in shares of DNOW Inc. (NYSE:DNOW) by 17.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,458,025 shares of the oil and gas company’s stock after selling 936,300 shares during the quarter. Renaissance Technologies LLC owned about 2.44% of DNOW worth $53,095,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in DNOW by 66.1% during the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock worth $258,351,000 after purchasing an additional 7,762,071 shares during the period. Wellington Management Group LLP raised its position in shares of DNOW by 187.2% in the fourth quarter. Wellington Management Group LLP now owns 10,813,205 shares of the oil and gas company’s stock valued at $143,275,000 after purchasing an additional 7,048,382 shares during the period. Boston Partners acquired a new stake in shares of DNOW during the 3rd quarter worth about $72,302,000. Pzena Investment Management LLC bought a new stake in shares of DNOW during the 4th quarter worth about $55,135,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of DNOW by 60.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,374,585 shares of the oil and gas company’s stock worth $137,466,000 after buying an additional 3,920,731 shares during the period. Institutional investors own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

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

DNOW Trading Up 0.3%

Shares of DNOW stock opened at $14.45 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 2.42. The firm has a 50-day moving average of $13.36 and a 200-day moving average of $13.29. DNOW Inc. has a 52-week low of $10.94 and a 52-week high of $17.26. The stock has a market cap of $2.64 billion, a PE ratio of -19.79 and a beta of 0.83.

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