Principal Financial Group Inc. raised its stake in DNOW Inc. (NYSE:DNOW – Free Report) by 2.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 513,304 shares of the oil and gas company’s stock after purchasing an additional 11,441 shares during the quarter. Principal Financial Group Inc.’s holdings in DNOW were worth $6,678,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in DNOW. Empowered Funds LLC grew its holdings in shares of DNOW by 5.1% during the 4th quarter. Empowered Funds LLC now owns 563,089 shares of the oil and gas company’s stock valued at $7,326,000 after acquiring an additional 27,429 shares in the last quarter. Highland Capital Management LLC boosted its position in DNOW by 6.7% during the fourth quarter. Highland Capital Management LLC now owns 17,514 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 1,097 shares during the last quarter. Pacer Advisors Inc. grew its stake in DNOW by 9.4% in the fourth quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after purchasing an additional 543,403 shares in the last quarter. KBC Group NV increased its position in DNOW by 72.4% in the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 2,754 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in shares of DNOW by 5.6% during the 4th quarter. Exchange Traded Concepts LLC now owns 84,710 shares of the oil and gas company’s stock worth $1,102,000 after purchasing an additional 4,456 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.
DNOW Price Performance
DNOW stock opened at $15.98 on Monday. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45. The company’s fifty day moving average price is $14.51 and its two-hundred day moving average price is $13.66. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 21.89 and a beta of 1.53.
DNOW (NYSE:DNOW – Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. As a group, sell-side analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current year.
DNOW announced that its board has initiated a stock buyback 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 repurchase up to 10% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on DNOW shares. Stifel Nicolaus boosted their price target on DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, February 14th. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday.
Check Out Our Latest Stock Analysis on DNOW
DNOW Company Profile
(Free Report)
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.
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