Allianz Asset Management GmbH Acquires 185,727 Shares of DNOW Inc. $DNOW

Allianz Asset Management GmbH grew its holdings in shares of DNOW Inc. (NYSE:DNOW) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,404,668 shares of the oil and gas company’s stock after purchasing an additional 185,727 shares during the period. Allianz Asset Management GmbH owned about 1.31% of DNOW worth $21,421,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DNOW. First Citizens Bank & Trust Co. lifted its position in DNOW by 203.4% during the second quarter. First Citizens Bank & Trust Co. now owns 49,815 shares of the oil and gas company’s stock worth $739,000 after purchasing an additional 33,396 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of DNOW by 57.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,797,651 shares of the oil and gas company’s stock valued at $26,659,000 after buying an additional 654,490 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in shares of DNOW by 25.3% during the 3rd quarter. New York State Common Retirement Fund now owns 864,495 shares of the oil and gas company’s stock worth $13,184,000 after acquiring an additional 174,544 shares during the period. American Century Companies Inc. boosted its position in shares of DNOW by 19.3% during the 2nd quarter. American Century Companies Inc. now owns 2,389,433 shares of the oil and gas company’s stock worth $35,435,000 after acquiring an additional 386,383 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in DNOW by 58.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 234,617 shares of the oil and gas company’s stock valued at $3,578,000 after acquiring an additional 86,509 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Up 3.0%

Shares of DNOW opened at $16.77 on Friday. The stock has a market cap of $1.76 billion, a PE ratio of 19.28 and a beta of 0.79. DNOW Inc. has a 12-month low of $12.01 and a 12-month high of $18.45. The business has a 50-day simple moving average of $14.18 and a two-hundred day simple moving average of $14.58.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Wednesday, November 5th. The oil and gas company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. DNOW had a return on equity of 9.35% and a net margin of 3.91%.The company had revenue of $634.00 million for the quarter, compared to analysts’ expectations of $637.13 million. During the same period in the previous year, the business posted $0.21 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that DNOW Inc. will post 0.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of DNOW in a research note on Monday, December 29th. Wall Street Zen downgraded DNOW from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 17th. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 target price on shares of DNOW in a research report on Monday, November 24th. Susquehanna raised DNOW from a “neutral” rating to a “positive” rating and set a $16.00 target price for the company in a research note on Friday, November 21st. Finally, Zacks Research upgraded shares of DNOW from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $17.67.

DNOW Company Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.