Renaissance Technologies LLC Trims Position in DNOW Inc. (NYSE:DNOW)

Renaissance Technologies LLC decreased its holdings in DNOW Inc. (NYSE:DNOW - Free Report) by 6.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,284,161 shares of the oil and gas company's stock after selling 216,584 shares during the quarter. Renaissance Technologies LLC owned 3.10% of DNOW worth $42,727,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings 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 buying an additional 543,403 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of DNOW in the fourth quarter valued at $3,903,000. Norges Bank purchased a new position in DNOW in the fourth quarter valued at $3,856,000. Brandywine Global Investment Management LLC acquired a new position in DNOW during the 4th quarter worth $2,766,000. Finally, JPMorgan Chase & Co. grew its stake in DNOW by 6.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock worth $23,985,000 after purchasing an additional 112,135 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DNOW shares. StockNews.com upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Thursday, February 27th. Stifel Nicolaus lifted 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. Finally, Susquehanna dropped their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday.

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DNOW Trading Up 0.9 %

DNOW stock traded up $0.14 during trading on Tuesday, hitting $15.37. 836,309 shares of the company's stock were exchanged, compared to its average volume of 902,950. The business has a 50-day moving average price of $15.78 and a two-hundred day moving average price of $14.36. The stock has a market capitalization of $1.62 billion, a price-to-earnings ratio of 21.05 and a beta of 1.21. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45.

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 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%. On average, equities research analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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

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.