Arrowstreet Capital Limited Partnership Purchases New Position in DNOW Inc. (NYSE:DNOW)

Arrowstreet Capital Limited Partnership purchased a new position in DNOW Inc. (NYSE:DNOW - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 17,395 shares of the oil and gas company's stock, valued at approximately $226,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of DNOW by 9.7% in the 3rd quarter. HighTower Advisors LLC now owns 16,541 shares of the oil and gas company's stock worth $211,000 after acquiring an additional 1,458 shares during the period. Wellington Management Group LLP raised its position in DNOW by 0.8% in the third quarter. Wellington Management Group LLP now owns 1,138,287 shares of the oil and gas company's stock worth $14,718,000 after acquiring an additional 8,675 shares in the last quarter. Barclays PLC lifted its holdings in DNOW by 44.6% in the 3rd quarter. Barclays PLC now owns 346,657 shares of the oil and gas company's stock valued at $4,484,000 after acquiring an additional 106,927 shares during the last quarter. Coldstream Capital Management Inc. boosted 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 purchasing an additional 1,291 shares in the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of DNOW by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 216,243 shares of the oil and gas company's stock worth $2,761,000 after purchasing an additional 1,278 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.

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DNOW Trading Up 0.9 %

NYSE:DNOW traded up $0.14 during trading hours on Tuesday, hitting $15.37. 1,339,651 shares of the stock traded hands, compared to its average volume of 902,336. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 21.05 and a beta of 1.21. The firm has a 50 day moving average price of $15.78 and a 200 day moving average price of $14.36. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, topping 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%. Research analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

DNOW declared that its board has approved a stock repurchase plan 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 plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DNOW has been the topic of several research reports. Susquehanna dropped their price target on DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Monday. StockNews.com raised DNOW from a "hold" rating to a "buy" rating in a research report on Thursday, February 27th. Finally, Stifel Nicolaus increased their price target on DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a research 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.