Carrera Capital Advisors Takes $1.15 Million Position in DNOW Inc. (NYSE:DNOW)

Carrera Capital Advisors bought a new position in DNOW Inc. (NYSE:DNOW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 87,981 shares of the oil and gas company’s stock, valued at approximately $1,145,000.

Other hedge funds also recently made changes to their positions in the company. Olympiad Research LP increased its position in shares of DNOW by 32.1% in the third quarter. Olympiad Research LP now owns 22,355 shares of the oil and gas company’s stock valued at $289,000 after acquiring an additional 5,434 shares during the period. Versor Investments LP purchased a new position in DNOW during the 3rd quarter valued at about $463,000. Victory Capital Management Inc. raised its position in DNOW by 35.4% during the 3rd quarter. Victory Capital Management Inc. now owns 99,416 shares of the oil and gas company’s stock valued at $1,285,000 after purchasing an additional 26,007 shares during the last quarter. KBC Group NV raised its position in DNOW by 45.5% during the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after purchasing an additional 1,190 shares during the last quarter. Finally, Royce & Associates LP lifted its holdings in DNOW by 10.2% in the 3rd quarter. Royce & Associates LP now owns 612,638 shares of the oil and gas company’s stock worth $7,921,000 after buying an additional 56,787 shares during the period. 97.63% of the stock is owned by hedge funds and other institutional investors.

DNOW Price Performance

Shares of DNOW opened at $15.08 on Wednesday. The company has a 50-day simple moving average of $14.55 and a two-hundred day simple moving average of $13.68. The firm has a market capitalization of $1.59 billion, a PE ratio of 20.66 and a beta of 1.53. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. Analysts expect that DNOW Inc. will post 0.86 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on DNOW shares. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th. Stifel Nicolaus boosted their price objective on shares of DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, February 14th.

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.