Allianz Asset Management GmbH Purchases 485,650 Shares of DNOW Inc. (NYSE:DNOW)

Allianz Asset Management GmbH grew its position in DNOW Inc. (NYSE:DNOW - Free Report) by 72.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,158,105 shares of the oil and gas company's stock after acquiring an additional 485,650 shares during the period. Allianz Asset Management GmbH owned about 1.10% of DNOW worth $19,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of DNOW by 122.1% during 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 during the period. Quarry LP raised its stake in DNOW by 69.2% in the 4th quarter. Quarry LP now owns 5,578 shares of the oil and gas company's stock worth $73,000 after purchasing an additional 2,281 shares in the last quarter. CWM LLC raised its stake in DNOW by 111.0% in the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock worth $115,000 after purchasing an additional 3,539 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in DNOW by 15.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 7,825 shares of the oil and gas company's stock worth $134,000 after purchasing an additional 1,073 shares in the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in DNOW in the 4th quarter worth about $166,000. Institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

Shares of DNOW stock traded down $0.33 during midday trading on Friday, hitting $15.13. 958,340 shares of the company traded hands, compared to its average volume of 1,622,162. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 20.44 and a beta of 1.08. The firm's fifty day moving average price is $14.72 and its 200-day moving average price is $15.15. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. DNOW had a net margin of 3.40% and a return on equity of 9.00%. The company had revenue of $599.00 million for the quarter, compared to analyst estimates of $587.17 million. During the same period in the previous year, the firm posted $0.21 EPS. The firm's revenue was up 6.4% on a year-over-year basis. Equities research analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have weighed in on DNOW. Stifel Nicolaus dropped their price objective on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Susquehanna dropped their target price on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Wall Street Zen upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th.

DNOW Profile

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.