Geode Capital Management LLC has increased its stake in DNOW Inc. (NYSE:DNOW) by 1.3% during the second quarter of 2023, as reported in a recent filing with the Securities and Exchange Commission (SEC). The firm now holds a total of 2,524,052 shares of the oil and gas services company, having acquired an additional 32,317 shares during the quarter. This investment is valued at approximately $37.4 million, representing about 2.36% of DNOW’s outstanding shares.
A number of other institutional investors have also adjusted their holdings in DNOW. For instance, Ameriprise Financial Inc. significantly increased its position by 376.3% in the first quarter, bringing its total to 2,914,681 shares valued at around $49.8 million. Likewise, Nuveen LLC established a new stake in the company worth approximately $18.5 million during the same period.
Additionally, Jane Street Group LLC grew its stake by 210.8%, now owning 738,843 shares valued at $12.6 million. Assenagon Asset Management S.A. also expanded its holdings by 203.8%, acquiring 608,180 shares worth about $9 million. Algert Global LLC increased its position by 325.4%, holding 472,779 shares valued at approximately $8.1 million. Collectively, institutional investors now own 97.63% of DNOW’s stock.
Current Stock Performance and Analyst Insights
As of the latest trading session, DNOW stock opened at $13.88. The company has a market capitalization of $1.46 billion, a price-to-earnings (P/E) ratio of 15.95, and a beta of 1.01. Over the past year, the stock has fluctuated between a low of $12.01 and a high of $18.45. Its fifty-day moving average stands at $14.37, while the 200-day moving average is at $14.79.
Recent ratings changes from analysts indicate a mixed outlook. Stifel Nicolaus reaffirmed a “buy” rating with a price target of $18.00. Conversely, Weiss Ratings maintained a “hold (C+)” rating on October 8, 2023. Zacks Research downgraded DNOW from a “strong buy” to a “hold” rating, while Susquehanna upgraded the stock from “neutral” to “positive,” setting a price target of $16.00. Currently, two research analysts rate the stock as a buy, while two others recommend holding it. According to MarketBeat.com, the consensus rating for DNOW is a “moderate buy” with an average price target of $17.00.
About DNOW Inc.
DNOW Inc. specializes in distributing downstream energy and industrial products across various sectors, including petroleum refining, chemical processing, and power generation. The company serves clients in the United States, Canada, and internationally, offering a range of products such as maintenance supplies, valves, fittings, and personal protective equipment. As DNOW continues to attract interest from major investors, its position in the market remains noteworthy, reflecting ongoing confidence in the energy services sector.
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