DNOW Inc. (NYSE:DNOW) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co reduced its position in shares of DNOW Inc. (NYSE:DNOW) by 2.2% during the fourth quarter, HoldingsChannel reports. The firm owned 106,309 shares of the oil and gas company’s stock after selling 2,387 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in DNOW were worth $1,382,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in DNOW. Pacer Advisors Inc. increased its stake in shares of 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 worth $82,063,000 after buying an additional 543,403 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in DNOW by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock worth $27,212,000 after purchasing an additional 25,402 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of DNOW by 6.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company’s stock valued at $23,985,000 after purchasing an additional 112,135 shares during the period. Royce & Associates LP increased its stake in shares of DNOW by 15.1% in the fourth quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company’s stock valued at $9,177,000 after purchasing an additional 92,769 shares during the period. Finally, Cooper Creek Partners Management LLC increased its stake in shares of DNOW by 138.7% in the fourth quarter. Cooper Creek Partners Management LLC now owns 579,074 shares of the oil and gas company’s stock valued at $7,534,000 after purchasing an additional 336,474 shares during the period. 97.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently commented on DNOW shares. Susquehanna lowered their price objective on shares of DNOW from $19.00 to $18.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Stifel Nicolaus lifted their price target 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. Finally, StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research note on Saturday.

DNOW Stock Up 0.7 %

Shares of NYSE:DNOW opened at $16.24 on Tuesday. The firm has a fifty day moving average of $15.81 and a two-hundred day moving average of $14.55. The firm has a market capitalization of $1.72 billion, a P/E ratio of 22.25 and a beta of 1.21. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45.

DNOW (NYSE:DNOW) last issued its quarterly earnings data 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%. Equities research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW announced that its Board of Directors has initiated a stock buyback plan on Friday, January 24th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board 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.