Allspring Global Investments Holdings LLC Decreases Stake in DNOW Inc. $DNOW

Allspring Global Investments Holdings LLC reduced its stake in DNOW Inc. (NYSE:DNOW) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,055 shares of the oil and gas company’s stock after selling 693 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in DNOW were worth $172,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in DNOW. Ameriprise Financial Inc. grew its holdings in DNOW by 376.3% in the 1st quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company’s stock valued at $49,802,000 after buying an additional 2,302,738 shares in the last quarter. Nuveen LLC purchased a new stake in DNOW in the 1st quarter valued at $18,483,000. Jane Street Group LLC grew its holdings in DNOW by 210.8% in the 1st quarter. Jane Street Group LLC now owns 738,843 shares of the oil and gas company’s stock valued at $12,619,000 after buying an additional 501,088 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of DNOW by 72.2% during the 1st quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company’s stock worth $19,780,000 after purchasing an additional 485,650 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of DNOW by 203.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 608,180 shares of the oil and gas company’s stock worth $9,019,000 after purchasing an additional 407,972 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Stock Performance

Shares of DNOW opened at $15.30 on Monday. The stock has a 50-day simple moving average of $15.25 and a 200-day simple moving average of $15.11. The stock has a market capitalization of $1.64 billion, a PE ratio of 20.13 and a beta of 1.05. DNOW Inc. has a 1 year low of $11.54 and a 1 year high of $18.45.

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

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Zacks Research downgraded DNOW from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of DNOW in a research report on Friday. Finally, Stifel Nicolaus cut their price objective on DNOW from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, July 21st. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.