Bank of New York Mellon Corp Sells 32,215 Shares of DNOW Inc. (NYSE:DNOW)

Bank of New York Mellon Corp lowered its stake in shares of DNOW Inc. (NYSE:DNOW) by 4.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 702,386 shares of the oil and gas company’s stock after selling 32,215 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of DNOW worth $11,997,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in DNOW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of DNOW by 5.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company’s stock worth $31,065,000 after purchasing an additional 128,252 shares during the last quarter. First Trust Advisors LP raised its stake in shares of DNOW by 0.7% in the fourth quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company’s stock worth $28,585,000 after purchasing an additional 15,869 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of DNOW by 6.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company’s stock worth $23,985,000 after purchasing an additional 112,135 shares during the last quarter. Northern Trust Corp raised its stake in shares of DNOW by 8.7% in the fourth quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company’s stock worth $15,947,000 after purchasing an additional 98,437 shares during the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of DNOW by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 934,375 shares of the oil and gas company’s stock worth $12,156,000 after purchasing an additional 5,578 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Up 0.4%

DNOW opened at $14.89 on Monday. The business has a 50 day moving average price of $14.74 and a two-hundred day moving average price of $15.10. The company has a market cap of $1.57 billion, a PE ratio of 20.12 and a beta of 1.08. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03. The firm had revenue of $599.00 million during the quarter, compared to the consensus estimate of $587.17 million. DNOW had a return on equity of 9.00% and a net margin of 3.40%. DNOW’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the business posted $0.21 EPS. As a group, sell-side analysts expect that DNOW Inc. will post 0.86 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on DNOW shares. Stifel Nicolaus raised their price objective on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, June 27th. Wall Street Zen raised DNOW from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Finally, Susquehanna dropped their price objective on DNOW from $19.00 to $18.00 and set a “neutral” rating on the stock in a report on Monday, April 14th.

About DNOW

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.