State of Alaska Department of Revenue Sells 34,100 Shares of DNOW Inc. $DNOW

State of Alaska Department of Revenue cut its stake in DNOW Inc. (NYSE:DNOW) by 47.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,226 shares of the oil and gas company’s stock after selling 34,100 shares during the period. State of Alaska Department of Revenue’s holdings in DNOW were worth $576,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nykredit A S acquired a new position in DNOW during the 2nd quarter worth $26,000. Sunbelt Securities Inc. raised its stake in shares of DNOW by 8,060.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,448 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 2,418 shares in the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of DNOW in the 1st quarter valued at about $45,000. TrinityBridge Ltd bought a new position in shares of DNOW during the second quarter worth about $54,000. Finally, Rockefeller Capital Management L.P. lifted its position in shares of DNOW by 707.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 4,419 shares of the oil and gas company’s stock worth $59,000 after purchasing an additional 3,872 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Up 1.8%

DNOW stock opened at $15.69 on Friday. The company has a quick ratio of 1.06, a current ratio of 2.14 and a debt-to-equity ratio of 0.23. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The firm’s 50-day simple moving average is $15.75 and its 200 day simple moving average is $14.24. The stock has a market cap of $2.84 billion, a PE ratio of -14.66 and a beta of 0.89.

DNOW (NYSE:DNOW) last posted its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the business posted $0.27 EPS. DNOW’s revenue was up 108.1% on a year-over-year basis. As a group, sell-side analysts predict that DNOW Inc. will post 0.34 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DNOW. Freedom Broker lowered DNOW from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a report on Thursday, September 10th. Wall Street Zen upgraded DNOW from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings raised DNOW from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Susquehanna lifted their target price on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a research report on Friday, August 7th. Finally, DA Davidson boosted their price target on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.20.

DNOW Company Profile

DNOW Inc (NYSE: DNOW) is a global distributor of products and services used in the energy and industrial sectors. The company supplies equipment and materials for upstream, midstream and downstream oil and gas operations, as well as related industrial, utility and infrastructure markets.

Its offerings include pipe, valves, fittings, flanges, and other mechanical products; production and artificial-lift equipment; electrical and instrumentation products; and maintenance, repair and operating supplies.