DNOW (NYSE:DNOW) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of DNOW (NYSE:DNOW) from a buy rating to a hold rating in a research report released on Wednesday.

Separately, 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.

DNOW Trading Down 0.2 %

DNOW stock opened at $17.46 on Wednesday. DNOW has a twelve month low of $11.42 and a twelve month high of $18.45. The company’s 50 day moving average is $14.25 and its two-hundred day moving average is $13.55. The stock has a market cap of $1.84 billion, a P/E ratio of 23.91 and a beta of 1.53.

DNOW (NYSE:DNOW) last released 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%. On average, equities research analysts predict that DNOW will post 0.86 earnings per share for the current 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.

Insider Activity

In related news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the transaction, the director now directly owns 56,568 shares in the company, valued at $868,318.80. This trade represents a 31.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On DNOW

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PharVision Advisers LLC purchased a new position in DNOW in the 4th quarter valued at $279,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in DNOW by 3.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 233,911 shares of the oil and gas company’s stock valued at $3,043,000 after buying an additional 8,610 shares during the last quarter. Voloridge Investment Management LLC grew its position in DNOW by 360.7% in the 4th quarter. Voloridge Investment Management LLC now owns 208,250 shares of the oil and gas company’s stock valued at $2,709,000 after buying an additional 163,044 shares during the last quarter. Two Sigma Investments LP grew its position in DNOW by 117.4% in the 4th quarter. Two Sigma Investments LP now owns 307,712 shares of the oil and gas company’s stock valued at $4,003,000 after buying an additional 166,166 shares during the last quarter. Finally, State of Wyoming grew its position in DNOW by 117.8% in the 4th quarter. State of Wyoming now owns 24,507 shares of the oil and gas company’s stock valued at $319,000 after buying an additional 13,257 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

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.