Invesco Ltd. Has $10.33 Million Stock Position in DNOW Inc. $DNOW

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. lowered its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 7.8% during the first quarter, according to its most recent Form 13F filing with the SEC. 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 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in DNOW by 5.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company's stock valued at $31,065,000 after acquiring an additional 128,252 shares during the last quarter. Northern Trust Corp grew its position in DNOW by 8.7% in the fourth quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company's stock valued at $15,947,000 after acquiring an additional 98,437 shares during the last quarter. Allianz Asset Management GmbH grew its position in 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 acquiring an additional 485,650 shares during the last quarter. Nuveen Asset Management LLC grew its position in DNOW by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 934,375 shares of the oil and gas company's stock valued at $12,156,000 after acquiring an additional 5,578 shares during the last quarter. Finally, New York State Common Retirement Fund grew its position in DNOW by 9.7% in the first quarter. New York State Common Retirement Fund now owns 655,014 shares of the oil and gas company's stock valued at $11,188,000 after acquiring an additional 57,903 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

DNOW Price Performance

Shares of DNOW stock traded down $0.22 during midday trading on Friday, reaching $15.99. The company had a trading volume of 676,518 shares, compared to its average volume of 1,226,260. The stock has a fifty day moving average price of $14.91 and a 200 day moving average price of $15.34. The firm has a market cap of $1.71 billion, a PE ratio of 21.03 and a beta of 1.13. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45.

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on DNOW shares. Stifel Nicolaus decreased their target price on DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Zacks Research upgraded DNOW to a "strong-buy" rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, DNOW currently has a consensus rating of "Buy" and a consensus price target of $18.00.

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.