D. E. Shaw & Co. Inc. Decreases Holdings in DNOW Inc. (NYSE:DNOW)

D. E. Shaw & Co. Inc. trimmed its holdings in shares of DNOW Inc. (NYSE:DNOW) by 12.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,614,486 shares of the oil and gas company’s stock after selling 235,615 shares during the period. D. E. Shaw & Co. Inc.’s holdings in DNOW were worth $22,167,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in DNOW. Allspring Global Investments Holdings LLC boosted its position in DNOW by 1,062.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 2,561 shares during the period. Headlands Technologies LLC purchased a new position in DNOW in the 1st quarter valued at about $44,000. Innealta Capital LLC purchased a new position in DNOW in the 2nd quarter valued at about $67,000. CWM LLC boosted its position in DNOW by 144.9% in the 2nd quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after buying an additional 4,004 shares during the last quarter. Finally, Quest Partners LLC purchased a new position in DNOW in the 2nd quarter valued at about $94,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

DNOW Stock Performance

Shares of DNOW stock opened at $12.83 on Monday. DNOW Inc. has a one year low of $9.44 and a one year high of $15.65. The company’s 50-day simple moving average is $13.11 and its 200-day simple moving average is $13.81. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 5.91 and a beta of 1.43.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a return on equity of 9.93% and a net margin of 9.70%. The company had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. As a group, research analysts forecast that DNOW Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on DNOW shares. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Susquehanna decreased their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Finally, Stifel Nicolaus upped their price objective on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 18th.

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.