New York State Teachers Retirement System Sells 2,563 Shares of DNOW Inc. (NYSE:DNOW)

New York State Teachers Retirement System lowered its position in DNOW Inc. (NYSE:DNOW) by 1.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 207,138 shares of the oil and gas company’s stock after selling 2,563 shares during the period. New York State Teachers Retirement System owned approximately 0.20% of DNOW worth $2,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Eagle Asset Management Inc. raised its stake in shares of DNOW by 15.5% during 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 in the last quarter. KBC Group NV raised its stake in shares of DNOW by 72.4% during the fourth quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 2,754 shares in the last quarter. Global Alpha Capital Management Ltd. raised its stake in shares of DNOW by 1.9% during the third quarter. Global Alpha Capital Management Ltd. now owns 2,622,426 shares of the oil and gas company’s stock valued at $33,908,000 after acquiring an additional 48,900 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of 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 acquiring an additional 54,660 shares in the last quarter. Finally, Royce & Associates LP raised its stake in shares of DNOW by 10.2% during the third quarter. Royce & Associates LP now owns 612,638 shares of the oil and gas company’s stock valued at $7,921,000 after acquiring an additional 56,787 shares in the last quarter. Institutional investors own 97.63% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on DNOW shares. StockNews.com downgraded shares of DNOW from a “buy” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus lifted their price objective on shares of DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, February 14th.

DNOW Stock Down 0.2 %

Shares of DNOW stock opened at $17.46 on Friday. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of 23.91 and a beta of 1.53. The company’s 50 day moving average is $14.25 and its 200 day moving average is $13.55. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45.

DNOW (NYSE:DNOW) last issued 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 net margin of 3.41% and a return on equity of 9.04%. Analysts anticipate that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW declared that its Board of Directors has approved a stock buyback plan on Friday, January 24th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the firm’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 owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

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.