Fox Run Management L.L.C. Buys New Shares in DNOW Inc. (NYSE:DNOW)

Fox Run Management L.L.C. purchased a new position in DNOW Inc. (NYSE:DNOW) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 34,595 shares of the oil and gas company’s stock, valued at approximately $450,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in shares of DNOW by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 885 shares in the last quarter. KBC Group NV raised its stake in DNOW by 72.4% during the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock worth $85,000 after buying an additional 2,754 shares during the period. Coldstream Capital Management Inc. boosted its holdings in DNOW by 10.1% in the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock worth $182,000 after acquiring an additional 1,291 shares in the last quarter. Prospera Financial Services Inc bought a new position in DNOW in the third quarter worth approximately $187,000. Finally, iSAM Funds UK Ltd acquired a new stake in DNOW in the third quarter valued at approximately $214,000. 97.63% of the stock is owned by institutional investors.

DNOW Stock Performance

DNOW stock opened at $16.98 on Wednesday. The company has a market capitalization of $1.79 billion, a P/E ratio of 23.26 and a beta of 1.51. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45. The business has a 50-day simple moving average of $15.32 and a two-hundred day simple moving average of $14.00.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 forecast that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW announced that its Board of Directors has approved a stock buyback plan on Friday, January 24th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the oil and gas company to buy up to 10% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on DNOW shares. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus upped their price objective on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, February 14th.

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.