DNOW Inc. $DNOW Shares Acquired by Ameriprise Financial Inc.

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in DNOW in the first quarter valued at $220,000. GAMMA Investing LLC boosted its holdings in 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 in the last quarter. Principal Financial Group Inc. boosted its holdings in DNOW by 2.5% during the first quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company's stock worth $8,986,000 after buying an additional 12,797 shares in the last quarter. CWM LLC grew its position in DNOW by 111.0% during the first quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock worth $115,000 after buying an additional 3,539 shares during the period. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in DNOW in the first quarter valued at about $250,000. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Price Performance

Shares of DNOW opened at $15.96 on Thursday. The firm has a 50 day simple moving average of $14.87 and a 200-day simple moving average of $15.31. DNOW Inc. has a 1-year low of $11.42 and a 1-year high of $18.45. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 20.99 and a beta of 1.13.

DNOW (NYSE:DNOW - Get Free Report) last posted its earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $628.00 million for the quarter, compared to analyst estimates of $612.60 million. DNOW had a return on equity of 8.97% and a net margin of 3.45%.DNOW's revenue was down .8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. On average, equities analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DNOW. Stifel Nicolaus decreased their price target on 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 DNOW to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $18.00.

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.

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