South Dakota Investment Council Has $6.48 Million Position in DNOW Inc. (NYSE:DNOW)

South Dakota Investment Council reduced its stake in DNOW Inc. (NYSE:DNOW) by 8.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 572,380 shares of the oil and gas company’s stock after selling 52,300 shares during the period. South Dakota Investment Council owned about 0.54% of DNOW worth $6,479,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. New York State Common Retirement Fund raised its holdings in DNOW by 4.7% in the 4th quarter. New York State Common Retirement Fund now owns 911,682 shares of the oil and gas company’s stock valued at $10,320,000 after buying an additional 40,723 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in DNOW by 15.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,518 shares of the oil and gas company’s stock valued at $300,000 after buying an additional 3,602 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in DNOW in the 4th quarter valued at approximately $602,000. New York State Teachers Retirement System raised its holdings in DNOW by 1.2% in the 4th quarter. New York State Teachers Retirement System now owns 216,263 shares of the oil and gas company’s stock valued at $2,448,000 after buying an additional 2,469 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in DNOW by 6.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 898,902 shares of the oil and gas company’s stock worth $10,176,000 after purchasing an additional 53,782 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Performance

Shares of DNOW stock traded down $0.38 during trading hours on Wednesday, hitting $14.77. 321,484 shares of the company were exchanged, compared to its average volume of 1,113,489. The firm has a market cap of $1.61 billion, a P/E ratio of 6.70 and a beta of 1.48. DNOW Inc. has a fifty-two week low of $8.83 and a fifty-two week high of $15.57. The company has a 50 day simple moving average of $14.33 and a two-hundred day simple moving average of $11.93.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.15 by $0.07. The company had revenue of $555.00 million during the quarter, compared to the consensus estimate of $540.83 million. DNOW had a net margin of 10.64% and a return on equity of 11.60%. The company’s quarterly revenue was up 1.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. As a group, sell-side analysts expect that DNOW Inc. will post 1.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DNOW shares. Stifel Nicolaus raised their price target on shares of DNOW from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Thursday, March 28th. Susquehanna raised their price target on shares of DNOW from $13.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, StockNews.com lowered shares of DNOW from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 28th.

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.