Comerica Bank Sells 870 Shares of DNOW Inc. $DNOW

Comerica Bank lessened its stake in DNOW Inc. (NYSE:DNOW) by 2.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,132 shares of the oil and gas company’s stock after selling 870 shares during the quarter. Comerica Bank’s holdings in DNOW were worth $651,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in DNOW during the 1st quarter valued at $220,000. GAMMA Investing LLC raised its holdings in DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 1,022 shares during the period. Principal Financial Group Inc. raised its holdings in DNOW by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company’s stock valued at $8,986,000 after acquiring an additional 12,797 shares during the period. CWM LLC raised its holdings in DNOW by 111.0% during the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company’s stock valued at $115,000 after acquiring an additional 3,539 shares during the period. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in DNOW during the 1st quarter valued at $250,000. Institutional investors own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus lowered 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. Zacks Research raised shares of DNOW to a “strong-buy” rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $18.00.

DNOW Price Performance

DNOW opened at $15.96 on Monday. The company has a fifty day moving average price of $14.98 and a 200-day moving average price of $15.28. The firm has a market capitalization of $1.71 billion, a P/E ratio of 21.00 and a beta of 1.21. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45.

DNOW (NYSE:DNOW) last released its quarterly earnings results 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. The firm had revenue of $628.00 million during the quarter, compared to analyst estimates of $612.60 million. DNOW had a net margin of 3.45% and a return on equity of 8.97%. The business’s revenue for the quarter was down .8% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 EPS. On average, analysts expect that DNOW Inc. will post 0.86 earnings per share for the current year.

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.