DNOW (NYSE:DNOW) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of DNOW (NYSE:DNOW) from a hold rating to a buy rating in a report issued on Thursday.

Separately, Stifel Nicolaus raised their target price 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 Performance

DNOW stock opened at $15.97 on Thursday. DNOW has a one year low of $11.42 and a one year high of $18.45. The stock has a market capitalization of $1.69 billion, a PE ratio of 21.87 and a beta of 1.53. The company has a fifty day moving average of $14.39 and a 200-day moving average of $13.61.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 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%. Equities analysts forecast that DNOW will post 0.86 earnings per share for the current fiscal year.

DNOW announced that its Board of Directors has approved a share repurchase program on Friday, January 24th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On DNOW

Hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its position in DNOW by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 885 shares in the last quarter. KBC Group NV lifted its position in DNOW by 45.5% during the third quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 1,190 shares in the last quarter. Quarry LP lifted its position in DNOW by 69.2% during the fourth 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. Quantinno Capital Management LP acquired a new position in DNOW during the fourth quarter valued at approximately $166,000. Finally, Coldstream Capital Management Inc. lifted its position in DNOW by 10.1% during the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock valued at $182,000 after buying an additional 1,291 shares in the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

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.