Polar Asset Management Partners Inc. Acquires Shares of 84,000 DNOW Inc. $DNOW

Polar Asset Management Partners Inc. bought a new stake in DNOW Inc. (NYSE:DNOW) during the 1st quarter, Holdings Channel reports. The institutional investor bought 84,000 shares of the oil and gas company’s stock, valued at approximately $1,000,000.

Other hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its position in shares of DNOW by 18.9% in the 1st quarter. Lazard Asset Management LLC now owns 226,376 shares of the oil and gas company’s stock valued at $2,696,000 after buying an additional 35,946 shares during the last quarter. Sei Investments Co. increased its position in shares of DNOW by 9.3% during the first quarter. Sei Investments Co. now owns 560,195 shares of the oil and gas company’s stock worth $6,672,000 after purchasing an additional 47,832 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of DNOW during the first quarter worth about $328,000. First Trust Advisors LP lifted its holdings in shares of DNOW by 2,335.0% in the 1st quarter. First Trust Advisors LP now owns 4,065,728 shares of the oil and gas company’s stock valued at $48,423,000 after purchasing an additional 3,898,758 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of DNOW by 136.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 19,331 shares of the oil and gas company’s stock valued at $230,000 after purchasing an additional 11,140 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on DNOW. Weiss Ratings restated a “sell (d+)” rating on shares of DNOW in a research note on Wednesday, May 27th. Freedom Capital upgraded DNOW to a “strong-buy” rating in a research note on Monday, June 22nd. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Wall Street Zen lowered shares of DNOW from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, DA Davidson assumed coverage on shares of DNOW in a report on Tuesday, June 16th. They issued a “buy” rating and a $17.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.00.

DNOW Price Performance

Shares of DNOW opened at $14.18 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.14 and a current ratio of 2.42. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The firm has a 50-day simple moving average of $13.38 and a 200-day simple moving average of $13.29. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of -19.42 and a beta of 0.83.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.04). The company had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.08 billion. DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The business’s revenue was up 97.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. On average, equities research analysts anticipate that DNOW Inc. will post 0.31 earnings per share for the current year.

DNOW Company 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.