Invesco Ltd. Decreases Stock Position in DNOW Inc. $DNOW

Invesco Ltd. cut its holdings in DNOW Inc. (NYSE:DNOW) by 7.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 604,603 shares of the oil and gas company’s stock after selling 50,983 shares during the period. Invesco Ltd. owned about 0.57% of DNOW worth $10,327,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in DNOW. GAMMA Investing LLC boosted its position in shares of DNOW by 122.1% in the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company’s stock worth $32,000 after buying an additional 1,022 shares in the last quarter. Headlands Technologies LLC boosted its position in shares of DNOW by 21,663.6% in the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company’s stock worth $41,000 after buying an additional 2,383 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in DNOW in the 1st quarter valued at about $58,000. Quarry LP lifted its holdings in DNOW by 69.2% in the 4th quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 2,281 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in DNOW by 437.2% in the 1st quarter. Covestor Ltd now owns 4,507 shares of the oil and gas company’s stock valued at $76,000 after purchasing an additional 3,668 shares in the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Price Performance

NYSE DNOW opened at $15.8250 on Monday. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The company has a 50-day moving average of $14.84 and a 200-day moving average of $15.29. The company has a market cap of $1.70 billion, a P/E ratio of 20.82 and a beta of 1.13.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. DNOW had a net margin of 3.45% and a return on equity of 8.97%. The company had revenue of $628.00 million during the quarter, compared to the consensus estimate of $612.60 million. During the same quarter in the prior year, the company posted $0.25 EPS. The company’s quarterly revenue was down .8% compared to the same quarter last year. As a group, equities research analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Zacks Research upgraded shares of DNOW to a “strong-buy” rating in a report on Friday, August 8th. Stifel Nicolaus reduced their target price on shares of DNOW from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $18.00.

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.