Teachers Retirement System of The State of Kentucky Increases Stock Position in DNOW Inc. $DNOW

Teachers Retirement System of The State of Kentucky raised its position in DNOW Inc. (NYSE:DNOW) by 408.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 166,509 shares of the oil and gas company’s stock after acquiring an additional 133,742 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.09% of DNOW worth $1,983,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. bought a new stake in shares of DNOW in the fourth quarter worth about $25,000. Quarry LP raised its position in DNOW by 712.6% during the 4th quarter. Quarry LP now owns 1,942 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,703 shares during the last quarter. Clearstead Advisors LLC lifted its holdings in DNOW by 132.5% in the 4th quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company’s stock worth $32,000 after buying an additional 1,383 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of DNOW by 190.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after buying an additional 1,589 shares during the last quarter. Finally, Arax Advisory Partners grew its position in shares of DNOW by 336.3% in the 4th quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company’s stock worth $37,000 after buying an additional 2,156 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DNOW. Zacks Research upgraded DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Freedom Capital upgraded shares of DNOW to a “strong-buy” rating in a report on Monday, June 22nd. Wall Street Zen downgraded shares of DNOW from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. DA Davidson began coverage on shares of DNOW in a report on Tuesday, June 16th. They issued a “buy” rating and a $17.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DNOW in a research report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.00.

DNOW Stock Performance

Shares of DNOW stock opened at $13.62 on Thursday. The company has a current ratio of 2.42, a quick ratio of 1.14 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $2.49 billion, a P/E ratio of -18.65 and a beta of 0.83. The business has a fifty day simple moving average of $13.22 and a two-hundred day simple moving average of $13.26. DNOW Inc. has a 12 month low of $10.94 and a 12 month high of $17.26.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). The business had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.08 billion. DNOW had a positive return on equity of 4.94% and a negative net margin of 4.14%.The firm’s quarterly revenue was up 97.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 earnings per share. On average, equities analysts forecast that DNOW Inc. will post 0.31 earnings per share for the current fiscal year.

DNOW Company Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.