Raymond James Financial Inc. purchased a new stake in DNOW Inc. (NYSE:DNOW - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 300,013 shares of the oil and gas company's stock, valued at approximately $3,903,000. Raymond James Financial Inc. owned 0.28% of DNOW as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of DNOW. Pacer Advisors Inc. increased its holdings in shares of 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 period. Charles Schwab Investment Management Inc. increased its stake in DNOW by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company's stock valued at $27,212,000 after acquiring an additional 25,402 shares during the period. JPMorgan Chase & Co. raised its holdings in 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 acquiring an additional 54,660 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of DNOW by 0.8% in the 3rd 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 during the period. Finally, Empowered Funds LLC lifted its position in shares of DNOW by 5.1% in the 4th quarter. Empowered Funds LLC now owns 563,089 shares of the oil and gas company's stock worth $7,326,000 after acquiring an additional 27,429 shares during the period. 97.63% of the stock is currently owned by institutional investors and hedge funds.
DNOW Stock Performance
Shares of DNOW stock traded down $0.25 during trading hours on Friday, hitting $17.06. The company had a trading volume of 771,977 shares, compared to its average volume of 887,170. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The firm's fifty day moving average is $15.54 and its 200 day moving average is $14.11. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 23.36 and a beta of 1.51.
DNOW (NYSE:DNOW - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, beating 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%. On average, sell-side analysts expect that DNOW Inc. will post 0.86 EPS for the current fiscal year.
DNOW declared that its board has approved a share buyback 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 typically an indication that the company's leadership believes its shares are undervalued.
Analysts Set New Price Targets
DNOW has been the subject of a number of recent research reports. Stifel Nicolaus upped their target price on DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, February 14th. StockNews.com upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th.
View Our Latest Analysis on DNOW
DNOW Company Profile
(
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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