DNOW (NYSE:DNOW) Reaches New 1-Year High After Earnings Beat

Shares of DNOW Inc. (NYSE:DNOW) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $15.80 and last traded at $16.96, with a volume of 6071 shares traded. The stock had previously closed at $14.14.

The oil and gas company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 8.90% and a net margin of 8.70%.

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

Insider Buying and Selling at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the sale, the director now directly owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. The trade was a 31.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of DNOW

A number of hedge funds have recently made changes to their positions in DNOW. Smartleaf Asset Management LLC boosted its position in shares of DNOW by 78.7% in the 4th 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 in the last quarter. KBC Group NV lifted its position in DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,190 shares in the last quarter. nVerses Capital LLC bought a new position in DNOW in the 3rd quarter valued at approximately $78,000. GW Henssler & Associates Ltd. bought a new position in DNOW in the 3rd quarter valued at approximately $182,000. Finally, Coldstream Capital Management Inc. lifted its position in DNOW by 10.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock valued at $182,000 after acquiring an additional 1,291 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Stock Performance

The firm has a market capitalization of $1.80 billion, a P/E ratio of 9.09 and a beta of 1.53. The firm has a 50-day moving average of $13.88 and a 200-day moving average of $13.41.

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.