Federated Hermes Inc. Grows Stock Position in NOW Inc. (NYSE:DNOW)

Posted by on Mar 10th, 2023

Federated Hermes Inc. grew its holdings in shares of NOW Inc. (NYSE:DNOW – Get Rating) by 14.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 289,691 shares of the oil and gas company’s stock after buying an additional 37,052 shares during the quarter. Federated Hermes Inc. owned 0.26% of NOW worth $2,911,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of NOW by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 12,671,810 shares of the oil and gas company’s stock valued at $139,769,000 after buying an additional 412,591 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of NOW by 7.8% during the 2nd quarter. Renaissance Technologies LLC now owns 5,525,779 shares of the oil and gas company’s stock valued at $54,042,000 after buying an additional 398,800 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of NOW by 2.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 5,289,331 shares of the oil and gas company’s stock valued at $53,157,000 after buying an additional 125,270 shares during the last quarter. State Street Corp boosted its stake in shares of NOW by 2.1% during the 2nd quarter. State Street Corp now owns 4,051,649 shares of the oil and gas company’s stock valued at $39,625,000 after buying an additional 81,846 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of NOW by 5.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,163,112 shares of the oil and gas company’s stock valued at $23,859,000 after buying an additional 118,203 shares during the last quarter. 95.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DNOW. Susquehanna raised their price objective on NOW from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Friday, February 17th. TheStreet upgraded NOW from a “c+” rating to a “b-” rating in a research note on Monday, December 12th. Finally, StockNews.com cut NOW from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 17th.

NOW Price Performance

Shares of NYSE DNOW opened at $12.08 on Friday. NOW Inc. has a 1-year low of $8.79 and a 1-year high of $14.86. The business’s fifty day moving average price is $13.12 and its two-hundred day moving average price is $12.28. The firm has a market capitalization of $1.33 billion, a PE ratio of 10.69 and a beta of 1.61.

NOW (NYSE:DNOW – Get Rating) last issued its quarterly earnings results on Thursday, February 16th. The oil and gas company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.06. The company had revenue of $547.00 million for the quarter, compared to analyst estimates of $530.77 million. NOW had a return on equity of 13.49% and a net margin of 5.99%. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period last year, the company earned $0.07 earnings per share. Equities research analysts expect that NOW Inc. will post 1.01 earnings per share for the current fiscal year.

NOW Profile

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NOW Inc is a holding company, which engages in the distribution of energy products for industrial applications. It operates through the following segments: United States, Canada, and International. The United States segment serves the upstream, midstream and downstream energy, and industrial markets.

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Institutional Ownership by Quarter for NOW (NYSE:DNOW)

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