AlphaQuest LLC Reduces Stock Position in DNOW Inc. (NYSE:DNOW)

AlphaQuest LLC lowered its position in shares of DNOW Inc. (NYSE:DNOW) by 60.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,564 shares of the oil and gas company’s stock after selling 22,701 shares during the period. AlphaQuest LLC’s holdings in DNOW were worth $189,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DNOW. Victory Capital Management Inc. boosted its position in DNOW by 35.4% during the 3rd quarter. Victory Capital Management Inc. now owns 99,416 shares of the oil and gas company’s stock valued at $1,285,000 after buying an additional 26,007 shares during the period. KBC Group NV lifted its position in shares of DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock worth $49,000 after purchasing an additional 1,190 shares during the period. Royce & Associates LP lifted its position in shares of DNOW by 10.2% in 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 period. Empowered Funds LLC lifted its position in shares of DNOW by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 535,660 shares of the oil and gas company’s stock worth $6,926,000 after purchasing an additional 27,202 shares during the period. Finally, Quest Partners LLC lifted its position in shares of DNOW by 443.7% in the 3rd quarter. Quest Partners LLC now owns 37,265 shares of the oil and gas company’s stock worth $482,000 after purchasing an additional 30,411 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Stifel Nicolaus raised their target price on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, February 14th. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

DNOW Price Performance

Shares of NYSE DNOW opened at $14.88 on Monday. DNOW Inc. has a 1 year low of $11.42 and a 1 year high of $18.45. The stock has a market cap of $1.57 billion, a P/E ratio of 20.39 and a beta of 1.51. The firm has a 50-day moving average of $14.90 and a 200 day moving average of $13.82.

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, beating 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 expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW announced that its board has authorized a share repurchase plan on Friday, January 24th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are 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.