Weiss Asset Management LP Makes New $2.03 Million Investment in DNOW Inc. (NYSE:DNOW)

Weiss Asset Management LP acquired a new position in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 156,638 shares of the oil and gas company's stock, valued at approximately $2,025,000. Weiss Asset Management LP owned approximately 0.15% of DNOW as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its holdings in DNOW by 71.5% in 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 acquiring an additional 2,939,502 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of DNOW by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company's stock valued at $88,511,000 after purchasing an additional 390,671 shares during the last quarter. Renaissance Technologies LLC boosted its stake in DNOW by 1.6% in the 2nd quarter. Renaissance Technologies LLC now owns 3,819,745 shares of the oil and gas company's stock worth $52,445,000 after purchasing an additional 59,653 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in DNOW by 1.2% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,701,685 shares of the oil and gas company's stock worth $50,824,000 after purchasing an additional 42,384 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. increased its stake in DNOW by 1.9% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,622,426 shares of the oil and gas company's stock valued at $33,908,000 after purchasing an additional 48,900 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company's stock.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research note on Thursday, August 15th.

Insider Buying and Selling

In related news, Director Paul M. Coppinger sold 26,186 shares of the firm's stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the sale, the director now directly owns 56,568 shares of the company's stock, valued at $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

DNOW Stock Down 1.5 %

Shares of NYSE:DNOW traded down $0.23 during trading on Friday, hitting $14.63. The stock had a trading volume of 414,588 shares, compared to its average volume of 667,816. DNOW Inc. has a 12-month low of $9.44 and a 12-month high of $15.65. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 7.82 and a beta of 1.50. The stock has a 50-day simple moving average of $13.42 and a two-hundred day simple moving average of $13.39.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. The company had revenue of $606.00 million during the quarter, compared to analyst estimates of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. DNOW's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period last year, the firm posted $0.25 EPS. As a group, sell-side analysts forecast that DNOW Inc. will post 0.81 earnings per share 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.