Invesco Ltd. reduced its stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 53.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 655,586 shares of the oil and gas company's stock after selling 763,851 shares during the period. Invesco Ltd. owned 0.62% of DNOW worth $8,529,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. HighTower Advisors LLC grew its holdings in shares of DNOW by 9.7% in the third quarter. HighTower Advisors LLC now owns 16,541 shares of the oil and gas company's stock valued at $211,000 after purchasing an additional 1,458 shares during the period. Barclays PLC increased its stake in DNOW by 44.6% during the third 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 period. Franklin Resources Inc. increased its position in shares of DNOW by 0.6% during the third quarter. Franklin Resources Inc. now owns 216,243 shares of the oil and gas company's stock worth $2,761,000 after acquiring an additional 1,278 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of DNOW by 3.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,731,485 shares of the oil and gas company's stock valued at $22,388,000 after buying an additional 54,660 shares during the period. Finally, Nordea Investment Management AB increased its position in shares of DNOW by 1.4% in the 4th quarter. Nordea Investment Management AB now owns 327,246 shares of the oil and gas company's stock valued at $4,257,000 after purchasing an additional 4,582 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently commented on DNOW shares. StockNews.com upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research note on Saturday. Susquehanna reduced their price objective 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, Stifel Nicolaus lifted their target price on shares of DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a report on Friday, February 14th.
Read Our Latest Stock Report on DNOW
DNOW Stock Up 0.9 %
Shares of DNOW stock traded up $0.15 during trading on Friday, reaching $16.13. The company's stock had a trading volume of 587,636 shares, compared to its average volume of 922,186. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45. The business has a 50 day moving average price of $15.81 and a 200-day moving average price of $14.53. The company has a market capitalization of $1.70 billion, a P/E ratio of 22.10 and a beta of 1.21.
DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. Research analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.
DNOW announced that its Board of Directors has initiated a stock repurchase plan on Friday, January 24th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its shares are undervalued.
About DNOW
(
Free Report)
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.
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