DNOW (NYSE:DNOW) Price Target Raised to $20.00

DNOW (NYSE:DNOW) had its price objective increased by Stifel Nicolaus from $17.00 to $20.00 in a research note published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the oil and gas company’s stock.

DNOW Trading Up 1.1 %

Shares of NYSE DNOW opened at $17.17 on Friday. The stock has a market cap of $1.82 billion, a P/E ratio of 9.18 and a beta of 1.53. DNOW has a 12-month low of $10.75 and a 12-month high of $18.45. The business’s fifty day simple moving average is $13.97 and its 200-day simple moving average is $13.42.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) 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%. On average, equities analysts forecast that DNOW will post 0.81 EPS for the current fiscal year.

DNOW announced that its Board of Directors has initiated a share buyback program on Friday, January 24th that allows the company to buyback $160.00 million in shares. This buyback authorization allows the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Paul M. Coppinger sold 26,186 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by company insiders.

Institutional Trading of DNOW

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC lifted its holdings in shares of DNOW by 428.4% in the 4th quarter. Jane Street Group LLC now owns 237,755 shares of the oil and gas company’s stock valued at $3,093,000 after purchasing an additional 192,757 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new stake in shares of DNOW in the 4th quarter worth approximately $270,000. Northern Trust Corp grew its holdings in shares of DNOW by 8.7% in the 4th quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company’s stock worth $15,947,000 after acquiring an additional 98,437 shares during the period. Tudor Investment Corp ET AL lifted its stake in DNOW by 285.7% in the 4th quarter. Tudor Investment Corp ET AL now owns 195,482 shares of the oil and gas company’s stock valued at $2,543,000 after buying an additional 144,796 shares in the last quarter. Finally, Quarry LP lifted its stake in DNOW by 69.2% in the 4th quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock valued at $73,000 after buying an additional 2,281 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

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.