Principal Financial Group Inc. Boosts Stake in DNOW Inc. (NYSE:DNOW)

Principal Financial Group Inc. boosted its stake in DNOW Inc. (NYSE:DNOW) by 2.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 526,101 shares of the oil and gas company’s stock after acquiring an additional 12,797 shares during the period. Principal Financial Group Inc.’s holdings in DNOW were worth $8,986,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DNOW. Charles Schwab Investment Management Inc. lifted its stake in DNOW by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock valued at $27,212,000 after buying an additional 25,402 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of DNOW during the 4th quarter worth $3,903,000. Amundi lifted its stake in shares of DNOW by 186.4% during the 4th quarter. Amundi now owns 51,501 shares of the oil and gas company’s stock worth $667,000 after purchasing an additional 33,520 shares during the period. Royce & Associates LP lifted its stake in shares of DNOW by 15.1% during the 4th quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company’s stock worth $9,177,000 after purchasing an additional 92,769 shares during the period. Finally, Intech Investment Management LLC lifted its stake in shares of DNOW by 24.7% during the 4th quarter. Intech Investment Management LLC now owns 40,138 shares of the oil and gas company’s stock worth $522,000 after purchasing an additional 7,954 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Trading Up 2.6%

Shares of DNOW opened at $14.01 on Tuesday. The firm has a market capitalization of $1.48 billion, a P/E ratio of 18.93 and a beta of 1.08. The stock’s fifty day simple moving average is $14.81 and its 200 day simple moving average is $15.05. DNOW Inc. has a twelve month low of $11.42 and a twelve month high of $18.45.

DNOW (NYSE:DNOW) last issued its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.03. The business had revenue of $599.00 million for the quarter, compared to analyst estimates of $587.17 million. DNOW had a return on equity of 9.00% and a net margin of 3.40%. The business’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the company posted $0.21 EPS. Sell-side analysts predict that DNOW Inc. will post 0.86 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Stifel Nicolaus increased their price target on DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, June 27th. Susquehanna cut their target price on DNOW from $19.00 to $18.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Finally, Wall Street Zen raised DNOW from a “hold” rating to a “buy” rating in a research report on Saturday, April 26th.

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.