Principal Financial Group Inc. Sells 25,211 Shares of DNOW Inc. (NYSE:DNOW)

Principal Financial Group Inc. decreased its position in DNOW Inc. (NYSE:DNOW) by 4.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 526,939 shares of the oil and gas company’s stock after selling 25,211 shares during the quarter. Principal Financial Group Inc. owned approximately 0.49% of DNOW worth $7,235,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of DNOW in the 4th quarter worth about $8,312,000. Global Alpha Capital Management Ltd. lifted its holdings in shares of DNOW by 38.6% during the fourth 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 purchasing an additional 693,500 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of DNOW during the first quarter valued at approximately $4,571,000. Hillsdale Investment Management Inc. bought a new stake in shares of DNOW in the 1st quarter worth approximately $4,241,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of 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 worth $69,001,000 after buying an additional 161,840 shares during the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Upgrades and Downgrades

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

DNOW Trading Down 1.0 %

DNOW stock opened at $12.03 on Monday. The stock’s 50 day simple moving average is $13.44 and its 200 day simple moving average is $13.99. DNOW Inc. has a 12-month low of $9.44 and a 12-month high of $15.65. The stock has a market capitalization of $1.28 billion, a PE ratio of 5.54 and a beta of 1.43.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The business had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. On average, research analysts predict that DNOW Inc. will post 0.94 earnings per share for the current year.

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.