Rhumbline Advisers Sells 17,968 Shares of DNOW Inc. $DNOW

Key Points

• Rhumbline Advisers has reduced its stake in DNOW Inc. by 5.5%, selling 17,968 shares and now owning 311,592 shares valued at approximately $5.32 million.
• Other institutional investors such as BNP Paribas Financial Markets and Millennium Management LLC significantly increased their holdings in DNOW, indicating strong interest in the stock.
• DNOW reported earnings of $0.27 per share for the latest quarter, exceeding analyst expectations and indicating a slight revenue decline of 0.8% year-over-year.

Rhumbline Advisers lowered its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 5.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 311,592 shares of the oil and gas company's stock after selling 17,968 shares during the period. Rhumbline Advisers owned about 0.30% of DNOW worth $5,322,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in DNOW during the 1st quarter valued at $220,000. GAMMA Investing LLC boosted its position in DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock valued at $32,000 after buying an additional 1,022 shares during the period. Principal Financial Group Inc. boosted its position in DNOW by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company's stock valued at $8,986,000 after buying an additional 12,797 shares during the period. CWM LLC boosted its position in DNOW by 111.0% during the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company's stock valued at $115,000 after buying an additional 3,539 shares during the period. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in DNOW during the 1st quarter valued at $250,000. Hedge funds and other institutional investors own 97.63% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Zacks Research raised shares of DNOW to a "strong-buy" rating in a research report on Friday, August 8th. Stifel Nicolaus dropped their target price 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. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.00.

DNOW Price Performance

NYSE DNOW traded up $0.28 during trading hours on Thursday, reaching $15.48. 1,431,216 shares of the company's stock traded hands, compared to its average volume of 841,055. DNOW Inc. has a 52-week low of $11.54 and a 52-week high of $18.45. The firm has a market cap of $1.66 billion, a PE ratio of 20.37 and a beta of 1.21. The firm has a 50-day simple moving average of $15.21 and a 200 day simple moving average of $15.24.

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

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.