AlphaQuest LLC Trims Stake in DNOW Inc. (NYSE:DNOW)

AlphaQuest LLC lessened its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 60.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,564 shares of the oil and gas company's stock after selling 22,701 shares during the period. AlphaQuest LLC's holdings in DNOW were worth $189,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Smartleaf Asset Management LLC boosted its holdings 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 worth $26,000 after buying an additional 885 shares in the last quarter. KBC Group NV boosted its stake in shares of DNOW by 45.5% during the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company's stock worth $49,000 after acquiring an additional 1,190 shares in the last quarter. Coldstream Capital Management Inc. grew its position in shares of DNOW by 10.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company's stock valued at $182,000 after acquiring an additional 1,291 shares during the period. Prospera Financial Services Inc purchased a new position in shares of DNOW in the 3rd quarter valued at about $187,000. Finally, iSAM Funds UK Ltd acquired a new position in DNOW in the 3rd quarter worth about $214,000. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Price Performance

DNOW stock traded up $0.24 during trading on Thursday, hitting $16.34. The stock had a trading volume of 1,285,865 shares, compared to its average volume of 817,465. DNOW Inc. has a twelve month low of $11.42 and a twelve month high of $18.45. The stock has a market capitalization of $1.73 billion, a P/E ratio of 22.38 and a beta of 1.51. The company's 50-day moving average price is $15.05 and its two-hundred day moving average price is $13.87.

Remove Ads

DNOW (NYSE:DNOW - Get Free Report) last issued its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. As a group, sell-side analysts expect that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW declared that its board has authorized a stock repurchase plan on Friday, January 24th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

DNOW has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, February 14th. StockNews.com raised shares of DNOW from a "hold" rating to a "buy" rating in a report on Thursday, February 27th.

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.