Meitav Investment House Ltd. Takes Position in NOW Inc. (NYSE:DNOW)

Meitav Investment House Ltd. bought a new position in NOW Inc. (NYSE:DNOW) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 15,609 shares of the oil and gas company’s stock, valued at approximately $2,450,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DNOW. Penn Capital Management Company LLC boosted its holdings in shares of NOW by 1,333.9% in the first quarter. Penn Capital Management Company LLC now owns 1,209,936 shares of the oil and gas company’s stock worth $11,708,000 after buying an additional 1,125,557 shares during the period. Norges Bank purchased a new position in NOW during the 4th quarter worth approximately $11,791,000. Royce & Associates LP raised its stake in NOW by 65.5% during the 2nd quarter. Royce & Associates LP now owns 1,947,636 shares of the oil and gas company’s stock valued at $20,178,000 after purchasing an additional 770,615 shares during the period. River Road Asset Management LLC acquired a new stake in NOW during the 2nd quarter valued at $7,790,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of NOW by 12.2% in the first quarter. Dimensional Fund Advisors LP now owns 6,255,868 shares of the oil and gas company’s stock valued at $69,752,000 after purchasing an additional 678,956 shares in the last quarter. 95.50% of the stock is owned by institutional investors and hedge funds.

NOW Price Performance

Shares of NOW stock opened at $10.61 on Thursday. The stock has a 50-day simple moving average of $11.34 and a 200-day simple moving average of $10.73. NOW Inc. has a 52-week low of $8.83 and a 52-week high of $14.86. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 8.92 and a beta of 1.51.

Wall Street Analyst Weigh In

DNOW has been the topic of several recent analyst reports. StockNews.com assumed coverage on NOW in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Susquehanna raised their price target on shares of NOW from $10.50 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, October 4th. Finally, Stifel Nicolaus upped their price objective on shares of NOW from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Thursday, September 28th.

NOW Company Profile

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. It offers its products under the DistributionNOW and DNOW brand names.