Royce & Associates LP Sells 17,041 Shares of DNOW Inc. (NYSE:DNOW)

Key Points

• Royce & Associates LP decreased its stake in DNOW Inc. by 2.4%, owning approximately 688,366 shares valued at $11.76 million following the sale of 17,041 shares.
• Several other institutional investors made significant adjustments to their holdings, with GAMMA Investing LLC increasing its stake by 122.1% in the first quarter.
• DNOW reported quarterly earnings of $0.22 EPS, surpassing analyst expectations and showing a 6.4% year-over-year revenue increase to $599 million.

Royce & Associates LP lowered its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,366 shares of the oil and gas company's stock after selling 17,041 shares during the period. Royce & Associates LP owned 0.65% of DNOW worth $11,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allianz Asset Management GmbH grew its holdings in shares of DNOW by 72.2% in the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock valued at $19,780,000 after purchasing an additional 485,650 shares in the last quarter. Cooper Creek Partners Management LLC grew its holdings in shares of DNOW by 138.7% in the fourth quarter. Cooper Creek Partners Management LLC now owns 579,074 shares of the oil and gas company's stock valued at $7,534,000 after purchasing an additional 336,474 shares in the last quarter. Millennium Management LLC grew its holdings in shares of DNOW by 145.4% in the fourth quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company's stock valued at $6,774,000 after purchasing an additional 308,543 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of DNOW in the fourth quarter valued at $3,903,000. Finally, Norges Bank purchased a new position in shares of DNOW in the fourth quarter valued at $3,856,000. Institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. 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. Finally, Susquehanna dropped their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th.

DNOW Stock Performance

NYSE DNOW traded down $0.03 on Tuesday, hitting $15.81. 417,460 shares of the stock were exchanged, compared to its average volume of 1,130,332. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45. The firm has a market capitalization of $1.67 billion, a P/E ratio of 21.37 and a beta of 1.08. The stock has a fifty day moving average price of $14.73 and a two-hundred day moving average price of $15.20.

DNOW (NYSE:DNOW - Get Free Report) last released its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. DNOW had a return on equity of 9.00% and a net margin of 3.40%. The business had revenue of $599.00 million during the quarter, compared to the consensus estimate of $587.17 million. During the same period last year, the company earned $0.21 earnings per share. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. Sell-side analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.