Allspring Global Investments Holdings LLC Increases Position in DNOW Inc. (NYSE:DNOW)

Allspring Global Investments Holdings LLC boosted its holdings in shares of DNOW Inc. (NYSE:DNOW) by 1,062.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,802 shares of the oil and gas company’s stock after acquiring an additional 2,561 shares during the period. Allspring Global Investments Holdings LLC’s holdings in DNOW were worth $38,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of DNOW. Norges Bank purchased a new stake in DNOW during the 4th quarter valued at about $8,312,000. Global Alpha Capital Management Ltd. grew its stake in DNOW by 38.6% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 2,487,826 shares of the oil and gas company’s stock valued at $28,162,000 after acquiring an additional 693,500 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in DNOW during the 1st quarter valued at about $4,571,000. Hillsdale Investment Management Inc. acquired a new position in DNOW in the 1st quarter valued at about $4,241,000. Finally, Dimensional Fund Advisors LP boosted its holdings in DNOW by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,095,429 shares of the oil and gas company’s stock valued at $69,001,000 after purchasing an additional 161,840 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DNOW. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Susquehanna decreased their target price on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. Finally, Stifel Nicolaus upped their price objective on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

DNOW Stock Performance

Shares of DNOW stock opened at $11.87 on Tuesday. The firm’s 50 day moving average price is $13.41 and its 200-day moving average price is $13.98. DNOW Inc. has a one year low of $9.44 and a one year high of $15.65. The firm has a market cap of $1.27 billion, a P/E ratio of 5.47 and a beta of 1.43.

DNOW (NYSE:DNOW) last issued its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a return on equity of 9.93% and a net margin of 9.70%. The company had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. As a group, research analysts predict that DNOW Inc. will post 0.94 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.