Weiss Asset Management LP Buys New Holdings in DNOW Inc. (NYSE:DNOW)

Weiss Asset Management LP purchased a new position in DNOW Inc. (NYSE:DNOW) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 156,638 shares of the oil and gas company’s stock, valued at approximately $2,025,000. Weiss Asset Management LP owned about 0.15% of DNOW as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DNOW. Pacer Advisors Inc. grew its stake in shares of DNOW by 71.5% during the second quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock worth $96,768,000 after purchasing an additional 2,939,502 shares in the last quarter. American Century Companies Inc. lifted its holdings in DNOW by 141.2% during the 2nd quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock worth $21,532,000 after buying an additional 918,131 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of DNOW by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after acquiring an additional 390,671 shares in the last quarter. Foundry Partners LLC increased its stake in DNOW by 832.0% in the third quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company’s stock valued at $4,730,000 after purchasing an additional 326,547 shares during the last quarter. Finally, AQR Capital Management LLC grew its position in DNOW by 21.9% in the 2nd quarter. AQR Capital Management LLC now owns 827,965 shares of the oil and gas company’s stock valued at $11,368,000 after buying an additional 148,549 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th.

Insider Buying and Selling

In other news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the transaction, the director now owns 56,568 shares of the company’s stock, valued at $868,318.80. The trade was a 31.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 2.60% of the stock is currently owned by insiders.

DNOW Stock Down 1.5 %

Shares of DNOW opened at $14.63 on Friday. DNOW Inc. has a 52-week low of $9.44 and a 52-week high of $15.65. The company has a 50-day simple moving average of $13.42 and a 200-day simple moving average of $13.39. The company has a market capitalization of $1.55 billion, a PE ratio of 7.82 and a beta of 1.50.

DNOW (NYSE:DNOW) last issued its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $606.00 million during the quarter, compared to analysts’ expectations of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The firm’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. On average, research analysts anticipate that DNOW Inc. will post 0.81 EPS for the current year.

DNOW 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.