DNOW Inc. (NYSE:DNOW) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in DNOW Inc. (NYSE:DNOW) by 5.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 734,601 shares of the oil and gas company’s stock after selling 46,398 shares during the quarter. Bank of New York Mellon Corp owned 0.69% of DNOW worth $9,557,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in DNOW by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock worth $82,063,000 after acquiring an additional 543,403 shares during the period. Foundry Partners LLC raised its stake in DNOW by 832.0% during the third quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company’s stock worth $4,730,000 after acquiring an additional 326,547 shares during the period. Weiss Asset Management LP acquired a new stake in DNOW during the third quarter worth about $2,025,000. Barclays PLC raised its stake in DNOW by 44.6% during the third quarter. Barclays PLC now owns 346,657 shares of the oil and gas company’s stock worth $4,484,000 after acquiring an additional 106,927 shares during the period. Finally, Royce & Associates LP raised its stake in DNOW by 10.2% during the third quarter. Royce & Associates LP now owns 612,638 shares of the oil and gas company’s stock worth $7,921,000 after acquiring an additional 56,787 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on DNOW. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th. Stifel Nicolaus upped their target price on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, February 14th.

DNOW Stock Performance

Shares of NYSE:DNOW opened at $14.88 on Friday. The company has a market cap of $1.57 billion, a PE ratio of 20.39 and a beta of 1.51. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45. The firm has a 50 day simple moving average of $14.90 and a 200 day simple moving average of $13.81.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. On average, equities analysts predict that DNOW Inc. will post 0.86 earnings per share for the current year.

DNOW announced that its board has initiated a stock 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

DNOW 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.