Canada Pension Plan Investment Board Makes New Investment in DNOW Inc. (NYSE:DNOW)

Canada Pension Plan Investment Board acquired a new stake in shares of DNOW Inc. (NYSE:DNOW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,900 shares of the oil and gas company’s stock, valued at approximately $95,000.

Several other institutional investors have also modified their holdings of DNOW. Norges Bank purchased a new stake in DNOW during the 4th quarter valued at $8,312,000. Allianz Asset Management GmbH raised its stake in shares of DNOW by 8.6% in the fourth quarter. Allianz Asset Management GmbH now owns 535,239 shares of the oil and gas company’s stock valued at $6,059,000 after acquiring an additional 42,310 shares during the period. Quantedge Capital Pte Ltd bought a new stake in shares of DNOW in the 4th quarter worth about $216,000. Wellington Management Group LLP boosted its stake in shares of DNOW by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock worth $10,487,000 after purchasing an additional 117,612 shares during the period. Finally, Quadrature Capital Ltd bought a new position in DNOW during the 4th quarter valued at about $212,000. 97.63% of the stock is owned by institutional investors.

DNOW Price Performance

DNOW stock opened at $12.83 on Friday. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 5.91 and a beta of 1.43. The firm has a 50-day moving average of $13.11 and a two-hundred day moving average of $13.82. DNOW Inc. has a 1 year low of $9.44 and a 1 year high of $15.65.

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

Analyst Ratings Changes

Several analysts have issued reports on DNOW shares. Stifel Nicolaus raised their price objective 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. Susquehanna dropped their price objective on DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Finally, StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th.

About DNOW

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.