Comerica Bank Has $507,000 Position in DNOW Inc. (NYSE:DNOW)

Comerica Bank cut its position in DNOW Inc. (NYSE:DNOW) by 6.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 39,002 shares of the oil and gas company’s stock after selling 2,692 shares during the period. Comerica Bank’s holdings in DNOW were worth $507,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DNOW. Smartleaf Asset Management LLC raised its holdings in DNOW by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 885 shares during the period. Quarry LP raised its holdings in DNOW by 69.2% in the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 2,281 shares during the period. KBC Group NV raised its holdings in DNOW by 72.4% in the fourth 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. Polymer Capital Management US LLC acquired a new stake in DNOW in the fourth quarter worth $192,000. Finally, Pictet Asset Management Holding SA raised its holdings in DNOW by 23.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 15,760 shares of the oil and gas company’s stock worth $205,000 after purchasing an additional 2,947 shares during the period. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Performance

DNOW opened at $15.57 on Thursday. The stock has a market capitalization of $1.64 billion, a P/E ratio of 21.33 and a beta of 1.20. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The firm’s fifty day simple moving average is $15.70 and its 200 day simple moving average is $14.82.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. DNOW had a net margin of 3.41% and a return on equity of 9.04%. The firm had revenue of $599.00 million for the quarter, compared to analyst estimates of $587.17 million. During the same period in the previous year, the business earned $0.21 EPS. The company’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts predict that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW announced that its Board of Directors has initiated a stock 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 repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

DNOW has been the topic of a number of research analyst reports. 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 report on Monday, April 14th. Stifel Nicolaus cut their price objective on shares of DNOW from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Finally, StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Saturday, April 26th.

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.