GSA Capital Partners LLP Makes New $279,000 Investment in NOW Inc. (NYSE:DNOW)
GSA Capital Partners LLP purchased a new stake in shares of NOW Inc. (NYSE:DNOW) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 61,354 shares of the oil and gas company’s stock, valued at approximately $279,000. GSA Capital Partners LLP owned approximately 0.06% of NOW as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in NOW by 3.1% in the second quarter. Vanguard Group Inc. now owns 10,695,304 shares of the oil and gas company’s stock worth $92,300,000 after purchasing an additional 317,716 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of NOW by 92.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,755,366 shares of the oil and gas company’s stock worth $23,200,000 after acquiring an additional 1,324,818 shares in the last quarter. Bank of America Corp DE increased its stake in shares of NOW by 23.6% in the 2nd quarter. Bank of America Corp DE now owns 1,218,206 shares of the oil and gas company’s stock worth $10,513,000 after acquiring an additional 232,321 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in NOW by 154.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 870,800 shares of the oil and gas company’s stock valued at $7,515,000 after acquiring an additional 528,513 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in NOW by 157.8% during the second quarter. Principal Financial Group Inc. now owns 828,910 shares of the oil and gas company’s stock worth $7,154,000 after acquiring an additional 507,343 shares in the last quarter. Institutional investors own 93.49% of the company’s stock.
DNOW has been the subject of several recent research reports. Zacks Investment Research lowered shares of NOW from a “buy” rating to a “hold” rating in a report on Monday, October 12th. Stephens assumed coverage on NOW in a report on Thursday, October 15th. They issued an “equal weight” rating on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. NOW currently has an average rating of “Buy” and a consensus target price of $9.25.
NOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, November 4th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.07. NOW had a negative return on equity of 5.78% and a negative net margin of 26.92%. The business had revenue of $326.00 million for the quarter, compared to analysts’ expectations of $318.28 million. During the same period in the prior year, the firm posted $0.08 EPS. The firm’s quarterly revenue was down 56.6% on a year-over-year basis. On average, sell-side analysts forecast that NOW Inc. will post -0.67 EPS for the current year.
NOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationally. The company offers its products under the DistributionNOW and DNOW brand names.
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