Norges Bank Makes New Investment in DNOW Inc. (NYSE:DNOW)

Norges Bank purchased a new position in shares of DNOW Inc. (NYSE:DNOWFree Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 734,274 shares of the oil and gas company’s stock, valued at approximately $8,312,000.

A number of other large investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in DNOW by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,095,429 shares of the oil and gas company’s stock worth $69,001,000 after purchasing an additional 161,840 shares in the last quarter. Jump Financial LLC acquired a new position in DNOW during the fourth quarter worth $430,000. Polaris Capital Management LLC acquired a new position in DNOW during the fourth quarter worth $872,000. Charles Schwab Investment Management Inc. lifted its stake in DNOW by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,989,506 shares of the oil and gas company’s stock worth $22,521,000 after purchasing an additional 49,310 shares in the last quarter. Finally, Summit Global Investments lifted its stake in DNOW by 21.0% during the fourth quarter. Summit Global Investments now owns 16,726 shares of the oil and gas company’s stock worth $189,000 after purchasing an additional 2,900 shares in the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DNOW has been the topic of several analyst reports. StockNews.com cut DNOW from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, February 28th. Stifel Nicolaus increased their price objective on DNOW from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. Finally, Susquehanna reduced their price objective on DNOW from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th.

Read Our Latest Stock Analysis on DNOW

DNOW Trading Up 0.4 %

Shares of NYSE DNOW opened at $13.63 on Friday. The stock has a market cap of $1.46 billion, a P/E ratio of 6.28 and a beta of 1.47. DNOW Inc. has a 12-month low of $9.44 and a 12-month high of $15.57. The business’s fifty day simple moving average is $14.46 and its 200-day simple moving average is $12.61.

DNOW (NYSE:DNOWGet Free Report) last announced its quarterly earnings data on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $563.00 million during 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 firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 earnings per share. On average, equities analysts forecast that DNOW Inc. will post 1.06 EPS for the current fiscal year.

About DNOW

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding DNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DNOW Inc. (NYSE:DNOWFree Report).

Institutional Ownership by Quarter for DNOW (NYSE:DNOW)

Receive News & Ratings for DNOW Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for DNOW and related companies with MarketBeat.com's FREE daily email newsletter.