Quantedge Capital Pte Ltd Has $994,000 Stake in DNOW Inc. (NYSE:DNOW)

Quantedge Capital Pte Ltd cut its stake in shares of DNOW Inc. (NYSE:DNOW) by 58.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,423 shares of the oil and gas company’s stock after selling 107,200 shares during the quarter. Quantedge Capital Pte Ltd owned approximately 0.07% of DNOW worth $994,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in DNOW. Quantinno Capital Management LP purchased a new position in shares of DNOW in the 4th quarter worth approximately $166,000. Man Group plc bought a new stake in DNOW during the 4th quarter valued at $203,000. Nuveen Asset Management LLC raised its position in shares of DNOW by 0.6% in the fourth quarter. Nuveen Asset Management LLC now owns 934,375 shares of the oil and gas company’s stock worth $12,156,000 after buying an additional 5,578 shares in the last quarter. Millennium Management LLC increased its stake in DNOW by 145.4% in the fourth quarter. Millennium Management LLC now owns 520,695 shares of the oil and gas company’s stock valued at $6,774,000 after acquiring an additional 308,543 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in DNOW by 5.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company’s stock valued at $31,065,000 after purchasing an additional 128,252 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Stock Performance

Shares of NYSE DNOW opened at $15.57 on Thursday. The stock has a market capitalization of $1.64 billion, a PE ratio of 21.33 and a beta of 1.20. The stock’s fifty day simple moving average is $15.70 and its two-hundred day simple moving average is $14.82. 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 Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.03. DNOW had a return on equity of 9.04% and a net margin of 3.41%. The business had revenue of $599.00 million during the quarter, compared to analysts’ expectations of $587.17 million. During the same quarter in the previous year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities analysts predict that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW declared that its board has approved a share repurchase program on Friday, January 24th that permits the company to buyback $160.00 million in outstanding 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 usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DNOW shares. Susquehanna reduced their price objective on 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 lowered their target price on shares of DNOW from $20.00 to $17.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Finally, StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Saturday, April 26th.

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.