Renaissance Technologies LLC Increases Stake in DNOW Inc. (NYSE:DNOW)

Renaissance Technologies LLC increased its stake in DNOW Inc. (NYSE:DNOW) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,819,745 shares of the oil and gas company’s stock after purchasing an additional 59,653 shares during the period. Renaissance Technologies LLC owned 3.58% of DNOW worth $52,445,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of 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 buying an additional 49,310 shares during the period. Jump Financial LLC acquired a new position in shares of DNOW in the fourth quarter valued at about $430,000. Dimensional Fund Advisors LP raised its stake in shares of DNOW by 2.7% in 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 during the last quarter. Norges Bank acquired a new stake in shares of DNOW during the fourth quarter worth about $8,312,000. Finally, Quest Partners LLC purchased a new stake in DNOW in the fourth quarter valued at approximately $216,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Susquehanna cut their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Stifel Nicolaus upped their target price on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.

DNOW Stock Performance

DNOW stock opened at $12.81 on Wednesday. The company’s fifty day moving average price is $13.29 and its 200 day moving average price is $13.91. The stock has a market capitalization of $1.37 billion, a P/E ratio of 5.90 and a beta of 1.43. DNOW Inc. has a 1 year low of $9.44 and a 1 year high of $15.65.

DNOW (NYSE:DNOW) last announced its earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. Sell-side analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

About DNOW

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.