Denali Advisors LLC Raises Stake in DNOW Inc. $DNOW

Denali Advisors LLC raised its stake in DNOW Inc. (NYSE:DNOW) by 151.0% during the third quarter, Holdings Channel reports. The fund owned 443,337 shares of the oil and gas company’s stock after buying an additional 266,733 shares during the period. Denali Advisors LLC’s holdings in DNOW were worth $6,761,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. First Citizens Bank & Trust Co. increased its stake in shares of DNOW by 203.4% in the second quarter. First Citizens Bank & Trust Co. now owns 49,815 shares of the oil and gas company’s stock worth $739,000 after purchasing an additional 33,396 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in DNOW by 57.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,797,651 shares of the oil and gas company’s stock worth $26,659,000 after buying an additional 654,490 shares during the period. New York State Common Retirement Fund grew its stake in DNOW by 25.3% in the 3rd quarter. New York State Common Retirement Fund now owns 864,495 shares of the oil and gas company’s stock valued at $13,184,000 after buying an additional 174,544 shares in the last quarter. Allianz Asset Management GmbH grew its stake in DNOW by 15.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 1,404,668 shares of the oil and gas company’s stock valued at $21,421,000 after buying an additional 185,727 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in DNOW by 19.3% during the 2nd quarter. American Century Companies Inc. now owns 2,389,433 shares of the oil and gas company’s stock valued at $35,435,000 after acquiring an additional 386,383 shares during the period. 97.63% of the stock is owned by institutional investors.

DNOW Stock Up 1.8%

Shares of NYSE DNOW opened at $16.45 on Monday. The firm has a market capitalization of $1.73 billion, a P/E ratio of 18.90 and a beta of 0.79. The stock’s 50-day simple moving average is $14.42 and its two-hundred day simple moving average is $14.60. DNOW Inc. has a twelve month low of $12.01 and a twelve month high of $17.83.

Analysts Set New Price Targets

A number of equities analysts have recently commented on DNOW shares. Zacks Research raised DNOW from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. Stifel Nicolaus reissued a “buy” rating and set a $18.00 price objective on shares of DNOW in a report on Monday, November 24th. Susquehanna upgraded DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price for the company in a research note on Friday, November 21st. Wall Street Zen upgraded DNOW from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Finally, KeyCorp set a $19.00 price target on shares of DNOW in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, DNOW has a consensus rating of “Buy” and a consensus price target of $17.67.

DNOW 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.