ProShare Advisors LLC Reduces Stock Position in DNOW Inc. (NYSE:DNOW)

ProShare Advisors LLC trimmed its position in shares of DNOW Inc. (NYSE:DNOW) by 23.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,405 shares of the oil and gas company’s stock after selling 5,068 shares during the period. ProShare Advisors LLC’s holdings in DNOW were worth $225,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in DNOW by 14.5% in the fourth quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock worth $10,487,000 after acquiring an additional 117,612 shares during the period. Quadrature Capital Ltd purchased a new stake in shares of DNOW in the 4th quarter worth about $212,000. Denali Advisors LLC bought a new stake in shares of DNOW during the 1st quarter valued at about $1,409,000. Cornerstone Investment Partners LLC purchased a new position in shares of DNOW during the first quarter valued at about $176,000. Finally, BNP Paribas Financial Markets raised its stake in DNOW by 26.9% in the first quarter. BNP Paribas Financial Markets now owns 56,524 shares of the oil and gas company’s stock worth $859,000 after buying an additional 11,982 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

DNOW Stock Performance

Shares of NYSE DNOW opened at $12.67 on Friday. The company has a 50 day simple moving average of $12.91 and a two-hundred day simple moving average of $13.76. DNOW Inc. has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The company has a market capitalization of $1.35 billion, a price-to-earnings ratio of 5.84 and a beta of 1.43.

DNOW (NYSE:DNOW) last posted 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). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. On average, analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.