Allspring Global Investments Holdings LLC Has $833,000 Stock Position in DNOW Inc. $DNOW

Allspring Global Investments Holdings LLC grew its holdings in DNOW Inc. (NYSE:DNOW) by 422.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 62,326 shares of the oil and gas company’s stock after purchasing an additional 50,389 shares during the period. Allspring Global Investments Holdings LLC owned about 0.06% of DNOW worth $833,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in shares of 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 valued at $36,000 after purchasing an additional 1,589 shares during the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of DNOW by 2,101.7% in the third quarter. Parkside Financial Bank & Trust now owns 2,620 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 2,501 shares during the last quarter. Investors Research Corp increased its holdings in shares of DNOW by 61.1% in the fourth quarter. Investors Research Corp now owns 3,001 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,138 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of DNOW in the third quarter valued at $44,000. Finally, GAMMA Investing LLC increased its holdings in shares of DNOW by 121.1% in the fourth quarter. GAMMA Investing LLC now owns 3,360 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 1,840 shares during the last quarter. 97.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on DNOW shares. KeyCorp set a $19.00 target price on shares of DNOW in a research report on Thursday, December 18th. Wall Street Zen cut shares of DNOW from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. Stifel Nicolaus reduced their target price on shares of DNOW from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. Weiss Ratings cut shares of DNOW from a “hold (c)” rating to a “sell (d+)” rating in a research report on Friday, February 27th. Finally, Zacks Research downgraded DNOW from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 24th. Two analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.00.

DNOW Stock Performance

NYSE:DNOW opened at $12.19 on Friday. The business’s 50-day moving average price is $13.13 and its two-hundred day moving average price is $13.79. DNOW Inc. has a twelve month low of $10.94 and a twelve month high of $17.26. The stock has a market cap of $2.27 billion, a P/E ratio of -42.02 and a beta of 0.79. The company has a quick ratio of 1.11, a current ratio of 2.34 and a debt-to-equity ratio of 0.18.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Friday, February 20th. The oil and gas company reported $0.15 earnings per share for the quarter, meeting the consensus estimate of $0.15. The firm had revenue of $959.00 million for the quarter, compared to analysts’ expectations of $969.50 million. DNOW had a positive return on equity of 7.26% and a negative net margin of 2.66%.The company’s revenue was up 68.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. As a group, equities analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

About DNOW

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.