Principal Financial Group Inc. Trims Position in DNOW Inc. (NYSE:DNOW)

Principal Financial Group Inc. trimmed its position in shares of DNOW Inc. (NYSE:DNOW) by 4.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 501,863 shares of the oil and gas company’s stock after selling 25,076 shares during the period. Principal Financial Group Inc.’s holdings in DNOW were worth $6,489,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp raised its holdings in DNOW by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 889,841 shares of the oil and gas company’s stock valued at $12,218,000 after acquiring an additional 6,104 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in DNOW by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,124 shares of the oil and gas company’s stock valued at $372,000 after purchasing an additional 2,154 shares during the period. TD Asset Management Inc lifted its holdings in DNOW by 4.2% in the 2nd quarter. TD Asset Management Inc now owns 44,500 shares of the oil and gas company’s stock worth $611,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in DNOW by 15.9% in the 2nd quarter. Victory Capital Management Inc. now owns 73,409 shares of the oil and gas company’s stock worth $1,008,000 after purchasing an additional 10,063 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Insider Buying and Selling

In related news, Director Paul M. Coppinger sold 26,186 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of the transaction, the director now directly owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by company insiders.

DNOW Price Performance

Shares of DNOW opened at $13.01 on Thursday. DNOW Inc. has a 1 year low of $9.44 and a 1 year high of $15.65. The company has a 50 day simple moving average of $13.82 and a two-hundred day simple moving average of $13.36. The firm has a market cap of $1.38 billion, a P/E ratio of 6.96 and a beta of 1.50.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The company had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same period in the previous year, the firm posted $0.25 EPS. DNOW’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, sell-side analysts anticipate that DNOW Inc. will post 0.81 earnings per share for the current year.

DNOW 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.