Share Buyback Plan Announced by DNOW (NYSE:DNOW) Board of Directors

DNOW (NYSE:DNOW) announced that its Board of Directors has approved a share buyback plan on Friday, January 24th, RTT News reports. The company plans to repurchase $160.00 million in shares. This repurchase authorization permits the oil and gas company to buy up to 10% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

DNOW Stock Up 9.4 %

NYSE DNOW opened at $15.10 on Friday. DNOW has a 52 week low of $9.44 and a 52 week high of $15.65. The business has a 50 day moving average price of $13.95 and a 200-day moving average price of $13.37. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 8.07 and a beta of 1.53.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The business had revenue of $606.00 million during the quarter, compared to analyst estimates of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. DNOW’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. On average, equities research analysts anticipate that DNOW will post 0.81 earnings per share for the current year.

Insider Activity at DNOW

In related news, Director Paul M. Coppinger sold 26,186 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of the sale, the director now directly owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. This represents a 31.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by insiders.

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.