Quantedge Capital Pte Ltd Reduces Stock Position in DNOW Inc. (NYSE:DNOW)

Quantedge Capital Pte Ltd lowered its position in shares of DNOW Inc. (NYSE:DNOW) by 58.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,423 shares of the oil and gas company’s stock after selling 107,200 shares during the period. Quantedge Capital Pte Ltd’s holdings in DNOW were worth $994,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in DNOW. Teacher Retirement System of Texas boosted its holdings in DNOW by 0.8% in the 4th quarter. Teacher Retirement System of Texas now owns 100,117 shares of the oil and gas company’s stock valued at $1,303,000 after purchasing an additional 792 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in DNOW by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 885 shares during the last quarter. Highland Capital Management LLC increased its stake in DNOW by 6.7% in the fourth quarter. Highland Capital Management LLC now owns 17,514 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 1,097 shares during the last quarter. Franklin Resources Inc. increased its stake in DNOW by 0.6% in the third quarter. Franklin Resources Inc. now owns 216,243 shares of the oil and gas company’s stock valued at $2,761,000 after purchasing an additional 1,278 shares during the last quarter. Finally, CoreCommodity Management LLC increased its holdings in shares of DNOW by 1.4% during the 4th quarter. CoreCommodity Management LLC now owns 95,471 shares of the oil and gas company’s stock worth $1,242,000 after buying an additional 1,364 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

DNOW Stock Performance

NYSE DNOW opened at $15.57 on Thursday. The firm’s 50 day moving average price is $15.70 and its two-hundred day moving average price is $14.82. DNOW Inc. has a twelve month low of $11.42 and a twelve month high of $18.45. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 21.33 and a beta of 1.20.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The business had revenue of $599.00 million during the quarter, compared to analyst estimates of $587.17 million. DNOW had a net margin of 3.41% and a return on equity of 9.04%. The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.21 earnings per share. On average, research analysts forecast that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW announced that its Board of Directors has approved a share repurchase program on Friday, January 24th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on DNOW shares. Stifel Nicolaus dropped their price objective on DNOW from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Susquehanna lowered their target price on DNOW from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Finally, StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research note 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.