Bank of New York Mellon Corp Trims Stock Position in DNOW Inc. (NYSE:DNOW)

Bank of New York Mellon Corp reduced its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 5.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 734,601 shares of the oil and gas company's stock after selling 46,398 shares during the quarter. Bank of New York Mellon Corp owned about 0.69% of DNOW worth $9,557,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. grew its position in DNOW by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company's stock worth $82,063,000 after purchasing an additional 543,403 shares during the last quarter. Foundry Partners LLC grew its position in DNOW by 832.0% during the 3rd quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company's stock worth $4,730,000 after purchasing an additional 326,547 shares during the last quarter. Weiss Asset Management LP purchased a new position in DNOW during the 3rd quarter worth $2,025,000. Barclays PLC grew its position in DNOW by 44.6% during the 3rd quarter. Barclays PLC now owns 346,657 shares of the oil and gas company's stock worth $4,484,000 after purchasing an additional 106,927 shares during the last quarter. Finally, Royce & Associates LP grew its position in DNOW by 10.2% during the 3rd quarter. Royce & Associates LP now owns 612,638 shares of the oil and gas company's stock worth $7,921,000 after purchasing an additional 56,787 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

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DNOW Stock Performance

DNOW traded up $0.06 on Tuesday, hitting $15.19. 835,475 shares of the company were exchanged, compared to its average volume of 1,058,660. The business's fifty day moving average is $14.94 and its 200 day moving average is $13.84. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The firm has a market capitalization of $1.60 billion, a P/E ratio of 20.80 and a beta of 1.51.

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 net margin of 3.41% and a return on equity of 9.04%. Analysts forecast that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW declared that its Board of Directors has authorized a stock 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 repurchase up to 10% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

DNOW has been the topic of several research reports. StockNews.com raised shares of DNOW from a "hold" rating to a "buy" rating in a research report on Thursday, February 27th. Stifel Nicolaus boosted their price target on shares of DNOW from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, February 14th.

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.