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Assenagon Asset Management S.A. Acquires 407,972 Shares of DNOW Inc. $DNOW

DNOW logo with Industrials background

Key Points

  • Assenagon Asset Management S.A. significantly boosted its holdings in DNOW Inc. by 203.8% during the second quarter, acquiring an additional 407,972 shares to reach a total of 608,180 shares.
  • DNOW Inc. reported a quarterly earnings per share (EPS) of $0.27, surpassing expectations of $0.22, while revenue fell 0.8% year-over-year.
  • Following these developments, stock analysts have rated DNOW with an average of “Buy” status and a price target adjustment to $18.00.
  • MarketBeat previews top five stocks to own in November.

Assenagon Asset Management S.A. increased its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 203.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 608,180 shares of the oil and gas company's stock after purchasing an additional 407,972 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.58% of DNOW worth $9,019,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Brooklyn Investment Group increased 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 buying an additional 1,643 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of DNOW by 122.1% during the first 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. Headlands Technologies LLC grew its holdings in shares of DNOW by 21,663.6% during the first quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock valued at $41,000 after buying an additional 2,383 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in DNOW in the first quarter valued at approximately $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in DNOW during the 1st quarter valued at approximately $63,000. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Stock Up 0.3%

NYSE DNOW opened at $15.47 on Wednesday. DNOW Inc. has a fifty-two week low of $11.54 and a fifty-two week high of $18.45. The business has a fifty day moving average of $15.29 and a 200-day moving average of $15.25. The stock has a market cap of $1.66 billion, a price-to-earnings ratio of 20.35 and a beta of 1.21.

DNOW (NYSE:DNOW - Get Free Report) 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. DNOW had a net margin of 3.45% and a return on equity of 8.97%. The business had revenue of $628.00 million for the quarter, compared to the consensus estimate of $612.60 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The company's quarterly revenue was down .8% compared to the same quarter last year. As a group, analysts anticipate that DNOW Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

DNOW has been the topic of a number of research reports. Stifel Nicolaus cut their price objective on shares of DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research note 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 given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $18.00.

Check Out Our Latest Stock Report on DNOW

DNOW Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding DNOW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for DNOW Inc. (NYSE:DNOW - Free Report).

Institutional Ownership by Quarter for DNOW (NYSE:DNOW)

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