Heartland Advisors Inc. Sells 77,000 Shares of 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. decreased its holdings in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 14.6% in the 1st quarter, according to its most recent 13F filing with the SEC. 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 approximately 0.43% of DNOW worth $7,686,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of DNOW during the 1st quarter valued at $3,737,000. Allianz Asset Management GmbH raised its position in shares of 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 acquiring an additional 485,650 shares during the last quarter. Denali Advisors LLC bought a new stake in shares of DNOW during the 1st quarter valued at $2,737,000. Foundry Partners LLC raised its position in shares of DNOW by 0.7% during the 1st quarter. Foundry Partners LLC now owns 390,739 shares of the oil and gas company's stock valued at $6,674,000 after acquiring an additional 2,671 shares during the last quarter. Finally, Bailard Inc. raised its position in shares of DNOW by 58.9% during the 1st quarter. Bailard Inc. now owns 62,468 shares of the oil and gas company's stock valued at $1,067,000 after acquiring an additional 23,163 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on DNOW. Wall Street Zen upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research report on Saturday, April 26th. Susquehanna lowered their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Stifel Nicolaus lowered their price objective on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, July 21st.

DNOW Stock Down 2.1%

DNOW opened at $15.13 on Friday. The stock has a market cap of $1.60 billion, a P/E ratio of 20.44 and a beta of 1.08. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The company has a fifty day simple moving average of $14.72 and a 200 day simple moving average of $15.15.

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 for the quarter, beating the consensus estimate of $0.19 by $0.03. The company had revenue of $599.00 million during 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%. The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 earnings per share. On average, equities research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

About DNOW

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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