Ameriprise Financial Inc. Grows Stock Holdings in DNOW Inc. $DNOW

Key Points

• Ameriprise Financial Inc. increased its holdings in DNOW Inc. by 376.3% during the first quarter, owning approximately 2.76% of the company valued at $49.8 million.
• DNOW reported a 0.27 earnings per share for the most recent quarter, surpassing analysts' expectations of $0.22 and generating revenue of $628 million.
• Brokerage firms have rated DNOW with a consensus rating of "Buy" and a price target set at $18.00 following increased institutional investment.

Ameriprise Financial Inc. increased its holdings in DNOW Inc. (NYSE:DNOW - Free Report) by 376.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,914,681 shares of the oil and gas company's stock after acquiring an additional 2,302,738 shares during the period. Ameriprise Financial Inc. owned about 2.76% of DNOW worth $49,802,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brooklyn Investment Group increased its stake in DNOW by 2,650.0% in 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 during the last quarter. GAMMA Investing LLC increased its stake in DNOW by 122.1% in the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock valued at $32,000 after buying an additional 1,022 shares during the last quarter. Headlands Technologies LLC increased its stake in DNOW by 21,663.6% in the 1st 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 1st quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in DNOW in the 1st quarter valued at about $63,000. Institutional investors and hedge funds own 97.63% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Zacks Research upgraded shares of DNOW to a "strong-buy" rating in a research note on Friday, August 8th. Stifel Nicolaus decreased 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. One equities 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $18.00.

DNOW Stock Performance

DNOW stock traded down $0.22 during mid-day trading on Tuesday, reaching $15.79. The company's stock had a trading volume of 616,460 shares, compared to its average volume of 1,117,024. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45. The company has a market capitalization of $1.69 billion, a P/E ratio of 20.77 and a beta of 1.21. The firm's fifty day moving average price is $14.94 and its two-hundred day moving average price is $15.33.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $612.60 million. During the same period in the previous year, the business earned $0.25 EPS. DNOW's revenue was down .8% compared to the same quarter last year. On average, research analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW Company 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.