Millennium Management LLC Sells 173,841 Shares of DNOW Inc. (NYSE:DNOW)

Millennium Management LLC trimmed its position in shares of DNOW Inc. (NYSE:DNOW) by 29.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,802 shares of the oil and gas company’s stock after selling 173,841 shares during the period. Millennium Management LLC owned approximately 0.38% of DNOW worth $5,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its position 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. Headlands Technologies LLC purchased a new position in shares of DNOW in the 1st quarter worth approximately $44,000. Innealta Capital LLC bought a new position in shares of DNOW during the 2nd quarter valued at approximately $67,000. CWM LLC raised its holdings in DNOW by 144.9% during the 2nd quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after buying an additional 4,004 shares during the period. Finally, Quest Partners LLC bought a new stake in DNOW in the second quarter worth $94,000. 97.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

DNOW has been the topic of several recent analyst reports. Stifel Nicolaus increased their target price on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Finally, Susquehanna decreased 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 Stock Up 0.6 %

DNOW stock opened at $12.78 on Friday. 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 $1.36 billion, a price-to-earnings ratio of 6.17 and a beta of 1.43. The business’s fifty day simple moving average is $12.68 and its two-hundred day simple moving average is $13.68.

DNOW (NYSE:DNOW) last posted its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $638.20 million. Research analysts expect that DNOW Inc. will post 0.86 EPS 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.