Norges Bank Acquires Shares of 296,410 DNOW Inc. (NYSE:DNOW)

Norges Bank bought a new position in shares of DNOW Inc. (NYSE:DNOW) in the fourth quarter, HoldingsChannel reports. The firm bought 296,410 shares of the oil and gas company’s stock, valued at approximately $3,856,000.

Other large investors also recently modified their holdings of the company. Pacer Advisors Inc. lifted its holdings in DNOW by 9.4% in 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of DNOW by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock valued at $27,212,000 after acquiring an additional 25,402 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of DNOW by 6.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company’s stock valued at $23,985,000 after acquiring an additional 112,135 shares in the last quarter. Wellington Management Group LLP lifted its stake in DNOW by 0.8% in the third quarter. Wellington Management Group LLP now owns 1,138,287 shares of the oil and gas company’s stock worth $14,718,000 after acquiring an additional 8,675 shares during the period. Finally, Royce & Associates LP boosted its holdings in DNOW by 15.1% in the fourth quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company’s stock valued at $9,177,000 after acquiring an additional 92,769 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Trading Down 3.6 %

DNOW opened at $15.10 on Friday. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 20.69 and a beta of 1.21. The stock has a fifty day simple moving average of $15.77 and a two-hundred day simple moving average of $14.31. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45.

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 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, analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

DNOW announced that its Board of Directors has approved a share repurchase program on Friday, January 24th that authorizes the company to repurchase $160.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on DNOW shares. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. 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 note on Friday, February 14th.

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.