Date: August 26, 2023
Barrow Hanley Mewhinney & Strauss LLC Increases Stake in NOW Inc.
Barrow Hanley Mewhinney & Strauss LLC, an institutional investor, has recently announced a 2.1% increase in its position within NOW Inc. This information was revealed by the company in its latest disclosure with the Securities & Exchange Commission. As of the end of the first quarter, Barrow Hanley Mewhinney & Strauss LLC owned approximately 2.38% of NOW Inc., equivalent to 2,541,134 shares valued at $28,334,000.
NOW Inc. serves as a distributor of downstream energy and industrial products for various sectors including petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations within the United States, Canada, and across international markets. The company operates under two key brand names – DistributionNOW and DNOW.
The additional 51,166 shares acquired by Barrow Hanley Mewhinney & Strauss LLC further solidify their stake in NOW Inc., reaffirming their confidence in the oil and gas industry as a whole. This move highlights their strategic approach to portfolio management and reflects their optimism towards NOW’s future prospects.
The investment decision made by Barrow Hanley Mewhinney & Strauss LLC indicates recognition of NOW Inc.’s potential for growth and value creation. The companys distribution network enables it to supply essential energy and industrial products demanded by diverse sectors across North America and worldwide.
NOW Inc.’s ability to cater to multiple industries has allowed it to establish a strong market presence both domestically and globally. Its commitment to providing reliable products under well-known brand names enhances customer trust and loyalty in a highly competitive market environment.
Barrow Hanley Mewhinney & Strauss LLC’s increased stake further emphasizes the attractiveness of oil and gas companies like NOW Inc., especially considering the increasing global demand for energy and industrial solutions. As the economy continues to recover and various industries resume normal operations, NOW Inc.’s market position is expected to strengthen further.
Investors seeking exposure to the oil and gas sector may find this recent development intriguing as it underscores the positive sentiment surrounding NOW Inc.’s growth potential. However, as with all investments, considering factors such as market volatility, industry trends, and individual risk appetite remains crucial for making well-informed investment decisions.
In conclusion, Barrow Hanley Mewhinney & Strauss LLC’s decision to increase its stake in NOW Inc. demonstrates their confidence in the company’s ability to deliver long-term value. The strategically positioned distributor of downstream energy and industrial products has gained recognition within various sectors on both national and international levels. As current market conditions evolve, keeping an eye on developments within NOW Inc., along with broader industry trends, will be of particular interest to investors looking for potential opportunities in the oil and gas sector.
Disclaimer: This article is meant for informational purposes only and should not be regarded as financial advice. Please consult with a professional advisor before making any investment decisions.
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Institutional Investors and Hedge Funds Shift Positions in NOW Inc. (DNOW)
In recent times, several institutional investors and hedge funds have made notable changes to their respective positions in NOW Inc. (DNOW). This article explores the key changes made by these entities, sheds light on research analyst reports, and provides an overview of the current stock performance and financial standing of NOW Inc.
Investment Alterations:
Penn Capital Management Company LLC demonstrated a significant increase of 1,333.9% in its stake in NOW Inc. during the first quarter. The company now owns a total of 1,209,936 shares valued at $11,708,000 after acquiring an additional 1,125,557 shares during this period. Global Alpha Capital Management Ltd. also entered the market by acquiring a new position in NOW Inc., amounting to $12,870,000 during the fourth quarter. Similarly, Norges Bank invested $11,791,000 for a new position in NOW Inc.
Boston Partners further expanded its position in the company by 115.9% during the fourth quarter. Currently holding 1,611,014 shares worth $20,738,000 after purchasing an additional 864,848 shares during that period. Lastly,
Assenagon Asset Management S.A. increased its position by 93.8% throughout the first quarter to own approximately 1,076,819 shares valued at $12,0070.
Research Analyst Reports:
StockNews.com commenced coverage on NOW Inc.’s shares with a “buy” rating for the company on August 18th recently.
Additionally,
TheStreet upgraded its rating from “c+” to “b” for NOW Inc.’s stocks according to their research report released on May 12th earlier this year.
Stock Performance and Financial Outlook:
On August 25th i.e., last trading day detailed within this text snippet; DNOW shares traded down $0.05, reaching a value of $10.99 per share. The stock exhibited a trading volume of 85,404 shares on the same day, falling short of its average daily trading volume of 713,350 shares.
The company’s 12-month low and high stand at $8.83 and $14.86 respectively. Currently, NOW Inc. holds a 50-day moving average price of $10.77 and a two-hundred-day moving average price of $10.90.
DNOW Inc. boasts a market capitalization of approximately $1.17 billion alongside a P/E ratio of 8.95 reflecting the company’s reasonable valuation based on earnings multiples observed in the oil and gas industry.
During the quarterly earnings report released on August 2nd, NOW Inc recorded an earnings per share (EPS) figure of $0.25 for the quarter, slightly missing the consensus estimate by ($0.02). Furthermore, the company’s net margin stood at 5.95%, with a return on equity of 14%. Revenue generated during this period was reported as $594 million against analysts’ estimated revenue figures of approximately $592.30 million, signifying an overall growth rate of 10.2% when compared to the same timeframe last year.
Analysts predict that NOW Inc.’s EPS for the current fiscal year will stand at around 0.97.
Conclusion:
As institutional investors and hedge funds continue to refine their positions in NOW Inc., it is interesting to witness both new entrants and existing players increasing their stake in this oil and gas company despite recent fluctuations in its stock performance recorded in this snippet.
Furthermore, research analyst reports highlight optimism with StockNews.com’s “buy” rating and TheStreet’s upgraded rating from “c+” to “b.” With consistent efforts to maintain profitability levels and significant revenue growth reported during Q2 2023, NOW Inc. appears to be adapting well to market conditions and presenting a promising financial outlook in terms of earnings per share for the current fiscal year.
