Heartland Advisors Inc. Has $7.69 Million Holdings in DNOW Inc. (NYSE:DNOW)

Key Points

• Heartland Advisors Inc. reduced its stake in DNOW Inc. by 14.6%, selling 77,000 shares and owning 450,000 shares worth approximately $7.7 million after the sale.
• Several institutional investors have also adjusted their positions; notable changes include Allianz Asset Management increasing its stake by 72.2% and Bailard Inc. raising its position by 58.9%.
• DNOW's stock opened at $15.13 with a market cap of $1.60 billion, and the company reported $0.22 earnings per share in its last quarterly earnings, exceeding analyst expectations.

Heartland Advisors Inc. lessened its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 14.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 450,000 shares of the oil and gas company's stock after selling 77,000 shares during the period. Heartland Advisors Inc. owned 0.43% of DNOW worth $7,686,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DNOW. Allianz Asset Management GmbH boosted its stake in DNOW by 72.2% during the 1st 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 during the period. Cooper Creek Partners Management LLC boosted its stake in DNOW by 138.7% during the 4th 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 during the period. Millennium Management LLC boosted its stake in DNOW by 145.4% during the 4th 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 during the period. Raymond James Financial Inc. acquired a new position in DNOW during the 4th quarter valued at about $3,903,000. Finally, Norges Bank acquired a new position in DNOW during the 4th quarter valued at about $3,856,000. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Trading Down 0.2%

DNOW stock traded down $0.03 on Wednesday, hitting $15.98. 193,601 shares of the company's stock traded hands, compared to its average volume of 1,130,722. 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 $1.69 billion, a price-to-earnings ratio of 21.64 and a beta of 1.08. The stock has a fifty day moving average of $14.75 and a 200-day moving average of $15.20.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly 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. DNOW had a net margin of 3.40% and a return on equity of 9.00%. The business had revenue of $599.00 million for the quarter, compared to analyst estimates of $587.17 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. The firm's revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on DNOW. Susquehanna reduced their target price 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. Stifel Nicolaus cut 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. Finally, Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th.

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.