DNOW Inc. $DNOW Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. has reduced its stake in DNOW Inc. by 7.8% in the first quarter, selling 50,983 shares to hold a total of 604,603 shares, valued at approximately $10.3 million.
• The stock has experienced notable movements, with several institutional investors, including GAMMA Investing LLC and Covestor Ltd, significantly increasing their positions in DNOW during the same period.
• DNOW Inc. reported strong quarterly earnings, surpassing analysts' estimates with an EPS of $0.27, while institutional ownership of the stock is currently at 97.63%.

Invesco Ltd. cut its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 7.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 604,603 shares of the oil and gas company's stock after selling 50,983 shares during the period. Invesco Ltd. owned approximately 0.57% of DNOW worth $10,327,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN lifted its position in shares of DNOW by 11.5% in the 4th quarter. Wells Fargo & Company MN now owns 70,518 shares of the oil and gas company's stock worth $917,000 after purchasing an additional 7,259 shares during the period. Raymond James Financial Inc. purchased a new stake in DNOW during the fourth quarter valued at approximately $3,903,000. MetLife Investment Management LLC lifted its position in DNOW by 6.8% during the fourth quarter. MetLife Investment Management LLC now owns 64,075 shares of the oil and gas company's stock valued at $834,000 after acquiring an additional 4,061 shares during the last quarter. Hsbc Holdings PLC lifted its position in DNOW by 28.3% during the fourth quarter. Hsbc Holdings PLC now owns 94,100 shares of the oil and gas company's stock valued at $1,229,000 after acquiring an additional 20,784 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in DNOW during the fourth quarter valued at approximately $3,055,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DNOW has been the subject of a number of analyst reports. Zacks Research raised shares of DNOW to a "strong-buy" rating in a research report on Friday, August 8th. Stifel Nicolaus decreased their price target on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, DNOW presently has an average rating of "Buy" and a consensus price target of $18.00.

DNOW Trading Down 1.5%

Shares of NYSE DNOW traded down $0.25 during midday trading on Friday, reaching $15.96. The company had a trading volume of 223,726 shares, compared to its average volume of 1,143,759. The business's 50-day simple moving average is $14.90 and its 200 day simple moving average is $15.33. The stock has a market cap of $1.71 billion, a P/E ratio of 21.01 and a beta of 1.13. DNOW Inc. has a 1 year low of $11.42 and a 1 year high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.05. The firm had revenue of $628.00 million for the quarter, compared to analyst estimates of $612.60 million. DNOW had a net margin of 3.45% and a return on equity of 8.97%. The business's quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 earnings per share. Analysts predict that DNOW Inc. will post 0.86 earnings per share for the current 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.