KLP Kapitalforvaltning AS Takes Position in DNOW Inc. (NYSE:DNOW)

KLP Kapitalforvaltning AS acquired a new position in shares of DNOW Inc. (NYSE:DNOW) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 62,000 shares of the oil and gas company’s stock, valued at approximately $807,000.

Other large investors have also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its position in shares of DNOW by 9.4% during the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after acquiring an additional 543,403 shares during the period. Raymond James Financial Inc. purchased a new position in DNOW in the 4th quarter valued at approximately $3,903,000. Weiss Asset Management LP purchased a new stake in DNOW during the third quarter worth $2,025,000. Barclays PLC boosted its position in DNOW by 44.6% during the third quarter. Barclays PLC now owns 346,657 shares of the oil and gas company’s stock worth $4,484,000 after purchasing an additional 106,927 shares in the last quarter. Finally, Royce & Associates LP grew its holdings in 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 last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on DNOW shares. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th. Stifel Nicolaus upped their price target on shares of DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a report on Friday, February 14th.

DNOW Stock Performance

DNOW stock opened at $17.08 on Tuesday. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The stock has a fifty day moving average of $15.60 and a two-hundred day moving average of $14.15. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 23.39 and a beta of 1.51.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, topping 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%. On average, analysts forecast that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW announced that its Board of Directors has initiated a share buyback 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 reacquire up to 10% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

About DNOW

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.