Rubric Capital Management LP Buys New Position in DNOW Inc. $DNOW

Rubric Capital Management LP bought a new position in shares of DNOW Inc. (NYSE:DNOW) during the first quarter, HoldingsChannel reports. The institutional investor bought 1,267,527 shares of the oil and gas company’s stock, valued at approximately $15,096,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DNOW. Vanguard Group Inc. lifted its holdings in DNOW by 66.1% in the 4th quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock valued at $258,351,000 after acquiring an additional 7,762,071 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of DNOW by 187.2% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of DNOW by 60.8% in 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 purchasing an additional 3,920,731 shares during the last quarter. Boston Partners grew its stake in shares of DNOW by 66.0% in the 4th quarter. Boston Partners now owns 7,859,416 shares of the oil and gas company’s stock worth $104,171,000 after purchasing an additional 3,124,280 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of DNOW by 81.8% in the 4th quarter. State Street Corp now owns 7,440,738 shares of the oil and gas company’s stock worth $98,590,000 after purchasing an additional 3,347,335 shares in the last quarter. 97.63% of the stock is currently owned by institutional investors.

DNOW Price Performance

NYSE DNOW opened at $14.18 on Tuesday. The company has a current ratio of 2.42, a quick ratio of 1.14 and a debt-to-equity ratio of 0.27. DNOW Inc. has a 1 year low of $10.94 and a 1 year high of $17.26. The company has a market cap of $2.59 billion, a PE ratio of -19.42 and a beta of 0.83. The stock’s 50-day moving average price is $13.38 and its two-hundred day moving average price is $13.29.

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

Analysts Set New Price Targets

Several analysts recently commented on the stock. Freedom Capital raised shares of DNOW to a “strong-buy” rating in a research note on Monday, June 22nd. Wall Street Zen lowered shares of DNOW from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DNOW in a report on Wednesday, May 27th. Finally, DA Davidson initiated coverage on DNOW in a research report on Tuesday, June 16th. They set a “buy” rating and a $17.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.00.

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.