State of Alaska Department of Revenue Sells 1,948 Shares of DNOW Inc. (NYSE:DNOW)

State of Alaska Department of Revenue trimmed its holdings in shares of DNOW Inc. (NYSE:DNOW) by 3.1% in the third quarter, Holdings Channel.com reports. The fund owned 60,758 shares of the oil and gas company’s stock after selling 1,948 shares during the quarter. State of Alaska Department of Revenue’s holdings in DNOW were worth $785,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its stake in DNOW by 1,062.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 2,561 shares during the period. Headlands Technologies LLC bought a new position in shares of DNOW during the 1st quarter worth approximately $44,000. Quarry LP boosted its stake in DNOW by 75.6% in the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after buying an additional 1,908 shares in the last quarter. Innealta Capital LLC bought a new stake in DNOW in the second quarter valued at $67,000. Finally, nVerses Capital LLC acquired a new position in DNOW during the third quarter worth $78,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Performance

Shares of NYSE:DNOW opened at $13.75 on Thursday. The business has a fifty day moving average of $12.43 and a 200-day moving average of $13.32. DNOW Inc. has a twelve month low of $9.44 and a twelve month high of $15.65. The firm has a market cap of $1.46 billion, a PE ratio of 6.64 and a beta of 1.45.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. On average, analysts anticipate that DNOW Inc. will post 0.85 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DNOW has been the topic of several recent analyst reports. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Susquehanna decreased their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, Stifel Nicolaus raised 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.

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.