State of Alaska Department of Revenue Sells 34,100 Shares of DNOW Inc. $DNOW

State of Alaska Department of Revenue decreased its holdings in DNOW Inc. (NYSE:DNOW) by 47.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 37,226 shares of the oil and gas company’s stock after selling 34,100 shares during the quarter. State of Alaska Department of Revenue’s holdings in DNOW were worth $576,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of DNOW. BlackRock Inc. bought a new stake in shares of DNOW during the second quarter valued at about $374,942,000. Engine Capital Management LP bought a new position in DNOW in the 1st quarter valued at about $61,525,000. First Trust Advisors LP grew its position in 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 buying an additional 3,898,758 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in DNOW during the 2nd quarter valued at about $42,540,000. Finally, ACK Asset Management LLC acquired a new position in DNOW during the 2nd quarter valued at about $38,910,000. 97.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on DNOW. DA Davidson boosted their price target on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of DNOW from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of DNOW from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Susquehanna raised their price objective on shares of DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a research note on Friday, August 7th. Finally, Freedom Broker cut DNOW from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.20.

DNOW Stock Performance

DNOW opened at $15.69 on Friday. The company has a quick ratio of 1.06, a current ratio of 2.14 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.84 billion, a PE ratio of -14.66 and a beta of 0.89. The business has a fifty day simple moving average of $15.75 and a 200-day simple moving average of $14.24. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26.

DNOW (NYSE:DNOW) last announced its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%. DNOW’s revenue for the quarter was up 108.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 earnings per share. As a group, equities analysts predict that DNOW Inc. will post 0.34 EPS for the current fiscal year.

About DNOW

DNOW Inc (NYSE: DNOW) is a global distributor of products and services used in the energy and industrial sectors. The company supplies equipment and materials for upstream, midstream and downstream oil and gas operations, as well as related industrial, utility and infrastructure markets.

Its offerings include pipe, valves, fittings, flanges, and other mechanical products; production and artificial-lift equipment; electrical and instrumentation products; and maintenance, repair and operating supplies.