Harbour Capital Advisors Adds NOW Inc. to its Portfolio: A Closer Look at the Investment
Introduction:
In a recent disclosure with the Securities and Exchange Commission (SEC), Harbour Capital Advisors LLC announced its acquisition of a new position in NOW Inc. (NYSE:DNOW), a prominent oil and gas company. The fund purchased 24,240 shares valued at approximately $270,000 during the first quarter of this year. This move highlights the growing interest that hedge funds have shown in NOW Inc.’s potential for growth and profitability. In this article, we delve into the details surrounding this investment while exploring NOW Inc.’s stock performance and market standing.
Investment Details:
Harbour Capital Advisors LLC demonstrated confidence in NOW Inc.’s future prospects by adding it to its portfolio during the first quarter. The fund acquired 24,240 shares of DNOW stock, amounting to an investment value of approximately $270,000. Such a significant purchase suggests that Harbour Capital Advisors recognizes NOW Inc.’s potential for delivering favorable returns for its investors.
Market Standing:
NOW Inc., whose stock is traded on the NYSE under the ticker symbol DNOW, opens today’s trading session at $10.43 per share. With a market capitalization of $1.12 billion, it offers investors an enticing opportunity within the oil and gas sector.
The company holds an attractive price-to-earnings ratio (PE) of 9.14, suggesting that it may be undervalued compared to industry peers or that further potential for growth exists within its business operations. Demonstrating moderate volatility relative to market fluctuations in general, DNOW boasts a beta score of 1.60.
Stock Performance:
Over the past twelve months, NOW Inc.’s stock has fluctuated between a low of $8.83 and a high of $14.86 – reflecting the dynamic nature of the industry in which it operates. The company’s average stock performance also serves as an essential factor for investors to consider. Setting its 50-day moving average at $9.86 and the 200-day moving average at $11.44, it suggests a downward trend in share prices over the observed period.
Conclusion:
Harbour Capital Advisors LLC’s purchase of NOW Inc. shares demonstrates confidence in the company’s future growth and profitability potential within the oil and gas sector. The acquisition of 24,240 shares valued at approximately $270,000 during the first quarter underscores Harbour Capital Advisors’ trust in NOW Inc.’s ability to generate favorable returns.
NOW Inc.’s market standing appears promising, with a market capitalization of $1.12 billion and a price-to-earnings ratio (PE) of 9.14 indicating potential undervaluation or room for further growth. While volatility remains moderate with a beta score of 1.60, investors should observe the stock’s movements closely.
As we move further into 2023, monitoring NOW Inc.’s performance alongside other holdings is vital for those seeking investment opportunities within this sector. Exploration into additional hedge funds holding DNOW and staying updated on insider trades can provide further insight into NOW Inc.’s prospects for investors interested in navigating this dynamic landscape effectively.
In summary, NOW Inc.’s recent acquisition by Harbour Capital Advisors LLC highlights growing investor interest and foreshadows an exciting phase for both NOW Inc. shareholders and those observing developments within the oil and gas industry alike.
Note: The information provided refers to June 30, 2023, which adds context to the article but may not reflect current or future circumstances accurately.
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Growing Confidence in NOW Inc. as Institutional Investors Acquire Positions
June 30, 2023 – In recent news, several institutional investors have made changes to their holdings in NOW Inc. (NYSE: DNOW), a leading distributor of downstream energy and industrial products. The State of Wyoming, Robeco Institutional Asset Management B.V., Coppell Advisory Solutions Corp., Allspring Global Investments Holdings LLC, and Point72 Hong Kong Ltd have all acquired positions in the company. These investments range from $31,000 to $62,000 and demonstrate the growing confidence in NOW’s potential for growth and profitability.
The acquisition of shares by these institutional investors reflects their belief in NOW’s ability to deliver strong financial performance in the coming years. The State of Wyoming’s purchase of shares worth $31,000 in the fourth quarter demonstrates its commitment to diversifying its investment portfolio with solid long-term prospects. Similarly, Robeco Institutional Asset Management B.V.’s acquisition worth $36,000 during the third quarter signifies its recognition of NOW’s potential for generating returns.
Coppell Advisory Solutions Corp.’s purchase of a new position worth $42,000 in the fourth quarter further adds to the growing support for NOW among institutional investors. Additionally, Allspring Global Investments Holdings LLC increased its stake in NOW by 87.6% during the first quarter, indicating its optimism about the company’s future prospects.
Furthermore, Point72 Hong Kong Ltd joined other institutional investors by acquiring a new stake in NOW during the second quarter worth around $62,000. This move not only showcases growing confidence but also highlights NOW’s appeal as an investment opportunity.
It is essential to note that nearly 96.12% of NOW’s stock is owned by institutional investors—a clear indication that industry professionals recognize the value and potential growth opportunities associated with investing in this company.
Several equities research analysts have also weighed in on DNOW shares recently. StockNews.com upgraded NOW from a “buy” rating to a “strong-buy” rating, reflecting their positive outlook on the company’s performance. Additionally, Stifel Nicolaus maintained their “buy” rating for NOW and dropped its price target from $16.00 to $14.00 in a research note.
In another research note, Susquehanna dropped their price target on NOW from $14.00 to $12.50, while TheStreet upgraded NOW from a “c+” rating to a “b” rating in May. These ratings collectively indicate the potential growth and profitability of NOW Inc., reinforcing the notion that it is an attractive investment opportunity.
Bloomberg.com reports that NOW currently has a consensus rating of “Buy” among analysts, with an average target price of $13.83 per share—an encouraging sign for potential investors seeking stable returns.
For more information about hedge funds’ holdings and insider trades in NOW Inc., interested parties can visit HoldingsChannel.com and access the latest 13F filings and insider trading data.
NOW’s most recent quarterly earnings report demonstrated impressive results. The company reported earnings per share (EPS) of $0.25 for the quarter, surpassing analysts’ consensus estimate of $0.21 by $0.04—a positive indicator of NOW’s ability to outperform market expectations.
The company also achieved revenue of $584 million during the quarter, exceeding analysts’ predictions of $566 million—a growth rate of 23.5% compared to the same period last year. With a net margin of 5.74% and a return on equity of 14.67%, NOW displayed its strong financial position and profitability.
Industry analysts forecast that NOW Inc.’s earnings per share for the current fiscal year will be around $1.02—another indication of the company’s sustained growth potential.
As a leading distributor of downstream energy and industrial products, NOW operates across several regions, including the United States, Canada, and internationally. Its offerings encompass petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations. The company’s products are marketed under the DistributionNOW and DNOW brand names.
In conclusion, NOW Inc.’s recent acquisitions of positions by institutional investors highlight its potential for success and growth. With positive ratings from equities research analysts and robust quarterly earnings results, NOW is positioned as an attractive investment opportunity in the energy and industrial sectors. As the company continues to expand its presence both domestically and internationally, investors can monitor in-depth information on NOW through trusted sources such as HoldingsChannel.com to make informed decisions about their investments.