Share Buyback Plan Announced by DNOW (NYSE:DNOW) Board of Directors

DNOW (NYSE:DNOW) declared that its board has initiated a share buyback program on Friday, January 24th, RTT News reports. The company plans to buyback $160.00 million in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 10% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

DNOW Price Performance

Shares of DNOW stock opened at $15.10 on Friday. The company’s 50 day moving average price is $13.95 and its two-hundred day moving average price is $13.37. The firm has a market capitalization of $1.60 billion, a P/E ratio of 8.07 and a beta of 1.53. DNOW has a fifty-two week low of $9.44 and a fifty-two week high of $15.65.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The company had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same quarter last year, the business posted $0.25 EPS. DNOW’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, analysts expect that DNOW will post 0.81 earnings per share for the current year.

Insider Activity at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the company’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 sale, the director now owns 56,568 shares in the company, valued at approximately $868,318.80. The trade was a 31.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.60% of the stock is owned by company insiders.

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.