Inspire Investing LLC Buys New Position in DNOW Inc. (NYSE:DNOW)

Inspire Investing LLC purchased a new position in DNOW Inc. (NYSE:DNOW) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 32,121 shares of the oil and gas company’s stock, valued at approximately $415,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. SG Americas Securities LLC boosted its position in shares of DNOW by 156.2% during the 3rd quarter. SG Americas Securities LLC now owns 40,700 shares of the oil and gas company’s stock valued at $526,000 after purchasing an additional 24,817 shares in the last quarter. Quarry LP lifted its stake in DNOW by 75.6% during the second quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 1,908 shares during the last quarter. Algert Global LLC boosted its holdings in DNOW by 7.6% during the second quarter. Algert Global LLC now owns 295,291 shares of the oil and gas company’s stock worth $4,054,000 after buying an additional 20,785 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in DNOW by 4.6% in the second quarter. The Manufacturers Life Insurance Company now owns 55,453 shares of the oil and gas company’s stock worth $761,000 after buying an additional 2,434 shares during the last quarter. Finally, MBB Public Markets I LLC bought a new position in shares of DNOW in the second quarter valued at $138,000. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Stock Performance

DNOW stock opened at $12.50 on Wednesday. DNOW Inc. has a 52 week low of $9.44 and a 52 week high of $15.65. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of 5.76 and a beta of 1.43. The company has a 50 day moving average price of $12.66 and a 200 day moving average price of $13.65.

DNOW (NYSE:DNOW) last issued its 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 business had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. Equities analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DNOW. Stifel Nicolaus raised their price objective on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Susquehanna decreased their price target on DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Finally, StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.

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.