Edgestream Partners L.P. Takes Position in DNOW Inc. (NYSE:DNOW)

Edgestream Partners L.P. purchased a new stake in shares of DNOW Inc. (NYSE:DNOW) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 120,384 shares of the oil and gas company’s stock, valued at approximately $1,653,000. Edgestream Partners L.P. owned 0.11% of DNOW as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in DNOW. Wellington Management Group LLP increased its position in shares of DNOW by 14.5% during the fourth quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock valued at $10,487,000 after acquiring an additional 117,612 shares during the last quarter. Sei Investments Co. grew its stake in shares of DNOW by 751.6% in the first quarter. Sei Investments Co. now owns 131,258 shares of the oil and gas company’s stock valued at $1,995,000 after buying an additional 115,844 shares in the last quarter. Denali Advisors LLC purchased a new stake in shares of DNOW in the 1st quarter valued at $1,409,000. First Hawaiian Bank acquired a new position in DNOW during the 2nd quarter worth about $508,000. Finally, Janney Montgomery Scott LLC acquired a new position in DNOW during the 1st quarter worth about $555,000. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on DNOW shares. Stifel Nicolaus boosted their price target on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Susquehanna decreased their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th.

DNOW Price Performance

DNOW stock opened at $13.09 on Friday. The stock’s fifty day moving average is $13.27 and its two-hundred day moving average is $13.89. The stock has a market cap of $1.40 billion, a PE ratio of 6.03 and a beta of 1.43. DNOW Inc. has a 1-year low of $9.44 and a 1-year high of $15.65.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The company had revenue of $633.00 million for the quarter, compared to analyst estimates of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. On average, research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.