DNOW Inc. $DNOW Shares Sold by Rhumbline Advisers

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 lessened its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 5.5% during the 1st quarter, according to its most recent 13F filing with the SEC. 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 approximately 0.30% of DNOW worth $5,322,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Ameriprise Financial Inc. grew its position in DNOW by 376.3% in the 1st quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company's stock valued at $49,802,000 after acquiring an additional 2,302,738 shares during the last quarter. American Century Companies Inc. grew its position in DNOW by 16.8% in the 1st quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock valued at $34,212,000 after acquiring an additional 288,311 shares during the last quarter. Allianz Asset Management GmbH grew its position in DNOW by 72.2% in 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. Nuveen LLC bought a new position in DNOW in the 1st quarter valued at $18,483,000. Finally, Bridgeway Capital Management LLC grew its position in DNOW by 1.2% in the 1st quarter. Bridgeway Capital Management LLC now owns 984,619 shares of the oil and gas company's stock valued at $16,817,000 after acquiring an additional 11,530 shares during the last quarter. Institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

Shares of NYSE:DNOW traded down $0.22 on Wednesday, hitting $15.18. 1,111,219 shares of the company's stock were exchanged, compared to its average volume of 1,128,481. The firm's 50-day moving average is $15.16 and its 200 day moving average is $15.24. The company has a market capitalization of $1.63 billion, a PE ratio of 20.05 and a beta of 1.21. DNOW Inc. has a 1-year low of $11.54 and a 1-year high of $18.45.

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

Analyst Ratings Changes

DNOW has been the topic of a number of recent research reports. Stifel Nicolaus dropped their price target 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 note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $18.00.

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.