Assenagon Asset Management S.A. Cuts Stock Holdings in DNOW Inc. $DNOW

Assenagon Asset Management S.A. trimmed its stake in shares of DNOW Inc. (NYSE:DNOW) by 40.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 364,274 shares of the oil and gas company’s stock after selling 243,906 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.34% of DNOW worth $5,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. SummerHaven Investment Management LLC raised its holdings in shares of DNOW by 1.5% during the second quarter. SummerHaven Investment Management LLC now owns 61,228 shares of the oil and gas company’s stock valued at $908,000 after acquiring an additional 909 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in DNOW by 190.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock worth $36,000 after buying an additional 1,589 shares during the period. Quantinno Capital Management LP lifted its holdings in DNOW by 7.0% in the second quarter. Quantinno Capital Management LP now owns 24,858 shares of the oil and gas company’s stock worth $369,000 after buying an additional 1,634 shares during the period. Brooklyn Investment Group boosted its position in DNOW by 2,650.0% during the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 1,643 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of DNOW by 7.2% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 27,104 shares of the oil and gas company’s stock worth $402,000 after acquiring an additional 1,821 shares during the period. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Trading Up 1.8%

DNOW stock opened at $13.68 on Monday. DNOW Inc. has a 12-month low of $12.01 and a 12-month high of $18.45. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 15.72 and a beta of 0.81. The firm has a 50 day moving average of $13.91 and a 200 day moving average of $14.68.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. DNOW had a net margin of 3.91% and a return on equity of 9.35%. The firm had revenue of $634.00 million during the quarter, compared to analysts’ expectations of $637.13 million. During the same period in the prior year, the company posted $0.21 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

Analysts Set New Price Targets

DNOW has been the topic of a number of recent research reports. KeyCorp set a $19.00 price objective on shares of DNOW in a report on Thursday. Zacks Research cut shares of DNOW from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Wall Street Zen upgraded shares of DNOW from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Stifel Nicolaus reiterated a “buy” rating and set a $18.00 price target on shares of DNOW in a report on Monday, November 24th. Finally, Susquehanna raised shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target on the stock in a report on Friday, November 21st. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, DNOW presently has an average rating of “Moderate Buy” and an average target price of $17.67.

DNOW Company Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.