DNOW (NYSE:DNOW) Reaches New 12-Month High After Better-Than-Expected Earnings

DNOW Inc. (NYSE:DNOW) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $15.80 and last traded at $16.96, with a volume of 6071 shares changing hands. The stock had previously closed at $14.14.

The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.14. DNOW had a net margin of 8.70% and a return on equity of 8.90%.

DNOW declared that its board has approved a share buyback plan on Friday, January 24th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 10% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the sale, the director now directly owns 56,568 shares in the company, valued at approximately $868,318.80. The trade was a 31.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On DNOW

Several large investors have recently made changes to their positions in DNOW. Smartleaf Asset Management LLC lifted its stake in DNOW by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 885 shares during the last quarter. KBC Group NV increased its holdings in shares of DNOW by 45.5% in the third quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 1,190 shares in the last quarter. nVerses Capital LLC acquired a new stake in shares of DNOW during the 3rd quarter valued at $78,000. GW Henssler & Associates Ltd. bought a new stake in shares of DNOW during the 3rd quarter worth $182,000. Finally, Coldstream Capital Management Inc. grew its holdings in shares of DNOW by 10.1% in the 3rd 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 during the last quarter. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Up 19.9 %

The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 9.07 and a beta of 1.53. The business has a 50-day moving average price of $13.88 and a 200-day moving average price of $13.41.

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.