Principal Financial Group Inc. Sells 25,076 Shares of DNOW Inc. (NYSE:DNOW)

Principal Financial Group Inc. reduced its stake in DNOW Inc. (NYSE:DNOW) by 4.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,863 shares of the oil and gas company’s stock after selling 25,076 shares during the quarter. Principal Financial Group Inc. owned about 0.47% of DNOW worth $6,489,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in DNOW by 1,062.7% in 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 acquiring an additional 2,561 shares in the last quarter. KBC Group NV raised its position in shares of DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 1,190 shares during the last quarter. 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 worth $61,000 after purchasing an additional 1,908 shares in the last quarter. nVerses Capital LLC purchased a new stake in DNOW during the 3rd quarter valued at about $78,000. Finally, Quest Partners LLC bought a new stake in DNOW during the 2nd quarter valued at about $94,000. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

Shares of DNOW stock opened at $13.01 on Thursday. The company has a 50-day simple moving average of $13.82 and a two-hundred day simple moving average of $13.36. The stock has a market capitalization of $1.38 billion, a PE ratio of 6.96 and a beta of 1.50. DNOW Inc. has a 52-week low of $9.44 and a 52-week high of $15.65.

DNOW (NYSE:DNOW) last issued its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $606.00 million for the quarter, compared to analysts’ expectations of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company posted $0.25 earnings per share. As a group, equities research analysts forecast that DNOW Inc. will post 0.81 EPS for the current fiscal year.

Insider Activity at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the sale, the director now directly owns 56,568 shares in the company, valued at $868,318.80. The trade was a 31.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by company insiders.

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.