Edgestream Partners L.P. Has $2.89 Million Stake in DNOW Inc. $DNOW

Edgestream Partners L.P. trimmed its position in shares of DNOW Inc. (NYSE:DNOW) by 54.6% in the first quarter, Holdings Channel reports. The fund owned 242,824 shares of the oil and gas company’s stock after selling 292,033 shares during the quarter. Edgestream Partners L.P.’s holdings in DNOW were worth $2,892,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of DNOW by 28.2% during the 1st quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company’s stock worth $611,000 after purchasing an additional 7,867 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in DNOW by 53.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,708 shares of the oil and gas company’s stock valued at $6,127,000 after purchasing an additional 124,797 shares during the period. Norges Bank acquired a new stake in DNOW in the 2nd quarter valued at approximately $1,192,000. Quantbot Technologies LP acquired a new stake in DNOW in the 2nd quarter valued at approximately $283,000. Finally, Invesco Ltd. increased its position in DNOW by 31.1% in the 2nd quarter. Invesco Ltd. now owns 792,481 shares of the oil and gas company’s stock worth $11,752,000 after buying an additional 187,878 shares during the period. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Trading Up 2.9%

DNOW stock opened at $14.14 on Friday. The business has a 50 day moving average price of $13.44 and a two-hundred day moving average price of $13.30. The company has a quick ratio of 1.14, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of -19.38 and a beta of 0.83. DNOW Inc. has a 12 month low of $10.94 and a 12 month high of $17.26.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.04). The firm had revenue of $1.18 billion for 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%.DNOW’s revenue for the quarter was up 97.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.22 EPS. As a group, equities analysts forecast that DNOW Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

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

DNOW 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.