Bank of America Corp DE Sells 32,873 Shares of DNOW Inc. (NYSE:DNOW)

Bank of America Corp DE trimmed its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 18.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 149,001 shares of the oil and gas company's stock after selling 32,873 shares during the quarter. Bank of America Corp DE owned approximately 0.14% of DNOW worth $1,939,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DNOW. Charles Schwab Investment Management Inc. boosted its holdings in shares of DNOW by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company's stock valued at $27,212,000 after buying an additional 25,402 shares during the last quarter. Amundi grew its position in shares of DNOW by 186.4% in the 4th quarter. Amundi now owns 51,501 shares of the oil and gas company's stock valued at $667,000 after acquiring an additional 33,520 shares during the period. KBC Group NV increased its stake in shares of DNOW by 72.4% during the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company's stock worth $85,000 after purchasing an additional 2,754 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of DNOW by 6.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock valued at $23,985,000 after purchasing an additional 112,135 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in shares of DNOW by 6.8% in the 4th quarter. MetLife Investment Management LLC now owns 64,075 shares of the oil and gas company's stock valued at $834,000 after purchasing an additional 4,061 shares during the period. Institutional investors and hedge funds own 97.63% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Stifel Nicolaus lowered their price target on DNOW from $20.00 to $17.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Finally, Susquehanna cut their price target on DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a report on Monday, April 14th.

DNOW Stock Performance

Shares of NYSE DNOW traded up $0.27 during trading hours on Friday, reaching $14.74. 399,749 shares of the stock were exchanged, compared to its average volume of 932,253. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 20.19 and a beta of 1.09. The stock's fifty day simple moving average is $15.26 and its 200 day simple moving average is $14.98. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last announced its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.03. The firm had revenue of $599.00 million for the quarter, compared to analyst estimates of $587.17 million. DNOW had a net margin of 3.41% and a return on equity of 9.04%. The business's revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.21 EPS. 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.