Voya Investment Management LLC Trims Stake in DNOW Inc. $DNOW

Key Points

• Voya Investment Management LLC reduced its stake in DNOW Inc. by 15.4%, now holding approximately 0.33% of the company worth $5.93 million.
• Analyst ratings for DNOW include a consensus of "Buy" with a target price of $18.00, down from an earlier price objective of $19.00.
• DNOW reported $0.27 earnings per share in its latest quarter, outperforming expectations of $0.22, despite a 0.8% decrease in revenue year-over-year.

Voya Investment Management LLC lowered its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 15.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 347,371 shares of the oil and gas company's stock after selling 63,247 shares during the quarter. Voya Investment Management LLC owned approximately 0.33% of DNOW worth $5,933,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DNOW. Brooklyn Investment Group grew its position in shares of DNOW by 2,650.0% during the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 1,643 shares during the period. GAMMA Investing LLC raised its holdings in shares of DNOW by 122.1% in the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 1,022 shares during the period. Headlands Technologies LLC lifted its stake in DNOW by 21,663.6% in the first quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock valued at $41,000 after purchasing an additional 2,383 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in DNOW during the first quarter valued at $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in DNOW during the first quarter valued at $63,000. Institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

NYSE DNOW traded down $0.41 during trading hours on Friday, hitting $15.08. The company had a trading volume of 1,978,489 shares, compared to its average volume of 853,601. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 19.84 and a beta of 1.21. DNOW Inc. has a 52 week low of $11.54 and a 52 week high of $18.45. The firm has a 50 day simple moving average of $15.24 and a 200 day simple moving average of $15.24.

DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly 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 firm had revenue of $628.00 million for the quarter, compared to analysts' expectations of $612.60 million. During the same period in the prior year, the business posted $0.25 earnings per share. The company's revenue was down .8% on a year-over-year basis. On average, research analysts forecast that DNOW Inc. will post 0.86 earnings per share for the current year.

Analysts Set New Price Targets

DNOW has been the topic of several research reports. Zacks Research upgraded DNOW to a "strong-buy" rating in a research note on Friday, August 8th. Stifel Nicolaus lowered their price objective on DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, July 21st. One 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's stock. According to data from MarketBeat.com, DNOW has an average rating of "Buy" and an average price target 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.