Jacobs Levy Equity Management Inc. Reduces Stake in DNOW Inc. (NYSE:DNOW)

Jacobs Levy Equity Management Inc. lowered its stake in DNOW Inc. (NYSE:DNOW) by 0.6% in the 1st quarter, HoldingsChannel reports. The fund owned 1,278,861 shares of the oil and gas company’s stock after selling 7,829 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in DNOW were worth $19,439,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DNOW. First Eagle Investment Management LLC lifted its stake in DNOW by 0.4% in the first quarter. First Eagle Investment Management LLC now owns 258,029 shares of the oil and gas company’s stock worth $3,922,000 after purchasing an additional 1,000 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in DNOW by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 93,060 shares of the oil and gas company’s stock worth $1,415,000 after purchasing an additional 1,205 shares during the last quarter. ProShare Advisors LLC lifted its stake in DNOW by 7.4% in the first quarter. ProShare Advisors LLC now owns 21,473 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 1,480 shares during the last quarter. Nordea Investment Management AB lifted its stake in DNOW by 0.5% in the first quarter. Nordea Investment Management AB now owns 399,843 shares of the oil and gas company’s stock worth $6,166,000 after purchasing an additional 1,947 shares during the last quarter. Finally, New York State Teachers Retirement System raised its stake in shares of DNOW by 1.2% during the fourth quarter. New York State Teachers Retirement System now owns 216,263 shares of the oil and gas company’s stock valued at $2,448,000 after acquiring an additional 2,469 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Stifel Nicolaus lifted their price objective on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Susquehanna cut their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

DNOW Stock Up 0.7 %

Shares of DNOW traded up $0.10 during trading hours on Wednesday, reaching $15.43. 246,511 shares of the company traded hands, compared to its average volume of 994,945. The stock has a market capitalization of $1.65 billion, a P/E ratio of 7.06 and a beta of 1.45. The business has a fifty day moving average price of $13.85 and a 200-day moving average price of $13.46. DNOW Inc. has a 12-month low of $9.44 and a 12-month high of $15.57.

DNOW (NYSE:DNOW) last posted its earnings results on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The business had revenue of $563.00 million for the quarter, compared to analyst estimates of $569.15 million. DNOW had a net margin of 10.30% and a return on equity of 10.39%. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 earnings per share. As a group, research analysts predict that DNOW Inc. will post 1.06 EPS for the current fiscal year.

DNOW Company Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.