Gotham Asset Management LLC Buys New Position in DNOW Inc. (NYSE:DNOW)

Gotham Asset Management LLC purchased a new position in DNOW Inc. (NYSE:DNOW) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 50,216 shares of the oil and gas company’s stock, valued at approximately $653,000.

Several other institutional investors also recently added to or reduced their stakes in DNOW. Smartleaf Asset Management LLC increased its stake in DNOW by 78.7% during the fourth 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 period. Quarry LP increased its position in shares of DNOW by 69.2% during the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 2,281 shares during the period. KBC Group NV raised its stake in shares of DNOW by 72.4% in the fourth quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 2,754 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in shares of DNOW in the fourth quarter valued at $192,000. Finally, Pictet Asset Management Holding SA boosted its stake in DNOW by 23.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 15,760 shares of the oil and gas company’s stock worth $205,000 after buying an additional 2,947 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Stock Down 0.4%

Shares of DNOW stock opened at $15.28 on Monday. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 20.93 and a beta of 1.20. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The stock has a 50-day moving average price of $15.71 and a 200 day moving average price of $14.91.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.19 by $0.03. DNOW had a net margin of 3.41% and a return on equity of 9.04%. The company had revenue of $599.00 million during the quarter, compared to analysts’ expectations of $587.17 million. During the same quarter in the previous year, the company earned $0.21 EPS. DNOW’s revenue was up 6.4% on a year-over-year basis. Sell-side analysts predict that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW declared that its board has authorized a share buyback plan on Friday, January 24th that authorizes the company to repurchase $160.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on DNOW shares. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a report on Saturday, April 26th. Susquehanna lowered their price target 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, Stifel Nicolaus cut 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.

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.