Intech Investment Management LLC Raises Stock Position in DNOW Inc. (NYSE:DNOW)

Intech Investment Management LLC raised its stake in shares of DNOW Inc. (NYSE:DNOW) by 24.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,138 shares of the oil and gas company’s stock after buying an additional 7,954 shares during the period. Intech Investment Management LLC’s holdings in DNOW were worth $522,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Eagle Asset Management Inc. lifted its holdings in DNOW by 15.5% in the third quarter. Eagle Asset Management Inc. now owns 277,298 shares of the oil and gas company’s stock valued at $3,951,000 after acquiring an additional 37,178 shares during the period. Amundi lifted its stake in shares of DNOW by 186.4% in the 4th quarter. Amundi now owns 51,501 shares of the oil and gas company’s stock worth $667,000 after purchasing an additional 33,520 shares during the period. KBC Group NV lifted its stake in shares of DNOW by 72.4% in the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 2,754 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of DNOW by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock worth $27,212,000 after buying an additional 25,402 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in DNOW by 3.3% during the third 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. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Price Performance

DNOW opened at $16.63 on Tuesday. The firm has a market cap of $1.76 billion, a P/E ratio of 22.79 and a beta of 1.51. DNOW Inc. has a 1-year low of $11.42 and a 1-year high of $18.45. The company has a 50 day simple moving average of $15.25 and a two-hundred day simple moving average of $13.96.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping 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%. Equities analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current year.

DNOW declared that its board has approved a share buyback program 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 repurchase up to 10% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus increased their price target 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 upgraded DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

DNOW 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.