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 lessened its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 2.4% in the 1st quarter, according to its most recent 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 SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Teacher Retirement System of Texas raised its position in shares of DNOW by 0.8% during the 4th quarter. Teacher Retirement System of Texas now owns 100,117 shares of the oil and gas company's stock valued at $1,303,000 after acquiring an additional 792 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in DNOW in the 4th quarter worth $807,000. Prudential Financial Inc. boosted its stake in DNOW by 4.7% in the 4th quarter. Prudential Financial Inc. now owns 218,267 shares of the oil and gas company's stock worth $3,136,000 after purchasing an additional 9,737 shares during the period. WINTON GROUP Ltd acquired a new position in DNOW in the 4th quarter worth $221,000. Finally, JPMorgan Chase & Co. boosted its stake in 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 worth $23,985,000 after purchasing an additional 112,135 shares during the period. Institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus reduced their target price 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. Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Finally, Susquehanna cut their price target on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th.

DNOW Price Performance

NYSE:DNOW traded down $0.33 on Friday, hitting $15.13. 958,340 shares of the company's stock were exchanged, compared to its average volume of 1,622,162. The firm has a 50-day moving average price of $14.72 and a 200-day moving average price of $15.15. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45. The company has a market cap of $1.60 billion, a P/E ratio of 20.44 and a beta of 1.08.

DNOW (NYSE:DNOW - Get Free Report) last issued its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.03. The company had revenue of $599.00 million for the quarter, compared to analysts' expectations of $587.17 million. DNOW had a net margin of 3.40% and a return on equity of 9.00%. DNOW's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 EPS. On average, research 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.