Corebridge Financial Inc. Decreases Stake in DNOW Inc. $DNOW

Corebridge Financial Inc. lowered its position in shares of DNOW Inc. (NYSE:DNOW) by 1.9% in the first quarter, Holdings Channel reports. The firm owned 55,079 shares of the oil and gas company’s stock after selling 1,088 shares during the period. Corebridge Financial Inc.’s holdings in DNOW were worth $941,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of DNOW during the 1st quarter worth about $220,000. GAMMA Investing LLC grew its holdings in shares of DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 1,022 shares during the period. Principal Financial Group Inc. grew its holdings in shares of DNOW by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 526,101 shares of the oil and gas company’s stock worth $8,986,000 after purchasing an additional 12,797 shares during the period. CWM LLC grew its holdings in shares of DNOW by 111.0% during the 1st quarter. CWM LLC now owns 6,726 shares of the oil and gas company’s stock worth $115,000 after purchasing an additional 3,539 shares during the period. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of DNOW during the 1st quarter worth about $250,000. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on DNOW. Stifel Nicolaus decreased their target price on DNOW from $19.00 to $18.00 and set a “buy” rating for the company in a report on Monday, July 21st. Zacks Research upgraded DNOW to a “strong-buy” rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, DNOW has an average rating of “Buy” and a consensus target price of $18.00.

DNOW Stock Down 0.3%

NYSE DNOW opened at $15.96 on Friday. The stock has a market cap of $1.71 billion, a PE ratio of 21.00 and a beta of 1.21. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The business has a 50 day moving average price of $14.98 and a two-hundred day moving average price of $15.31.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.05. The firm had revenue of $628.00 million during the quarter, compared to analysts’ expectations of $612.60 million. DNOW had a return on equity of 8.97% and a net margin of 3.45%.DNOW’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.25 EPS. Sell-side analysts anticipate that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW Company 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.