State of Tennessee Department of Treasury Sells 9,791 Shares of DNOW Inc. (NYSE:DNOW)

State of Tennessee Department of Treasury decreased its stake in DNOW Inc. (NYSE:DNOW) by 13.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,150 shares of the oil and gas company’s stock after selling 9,791 shares during the period. State of Tennessee Department of Treasury owned about 0.06% of DNOW worth $809,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DNOW. Pacer Advisors Inc. increased its position in DNOW by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after acquiring an additional 543,403 shares during the period. First Trust Advisors LP increased its holdings in DNOW by 0.7% in the fourth quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company’s stock valued at $28,585,000 after purchasing an additional 15,869 shares during the period. Charles Schwab Investment Management Inc. raised its position in DNOW by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock worth $27,212,000 after purchasing an additional 25,402 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in DNOW by 6.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company’s stock worth $23,985,000 after buying an additional 112,135 shares during the period. Finally, Royce & Associates LP grew its position in shares of DNOW by 15.1% in the 4th quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company’s stock valued at $9,177,000 after buying an additional 92,769 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

Shares of NYSE DNOW opened at $16.55 on Friday. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 22.67 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 firm’s 50-day simple moving average is $15.72 and its 200 day simple moving average is $14.65.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. On average, sell-side analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

DNOW declared that its Board of Directors has authorized a stock repurchase plan on Friday, January 24th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

DNOW has been the subject of a number of recent analyst reports. Susquehanna decreased their target price on shares of DNOW from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Finally, Stifel Nicolaus increased their price target on DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, February 14th.

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.