Bayesian Capital Management LP Cuts Stake in DNOW Inc. (NYSE:DNOW)

Bayesian Capital Management LP cut its holdings in shares of DNOW Inc. (NYSE:DNOW) by 51.6% during the 4th quarter, HoldingsChannel reports. The fund owned 10,038 shares of the oil and gas company’s stock after selling 10,700 shares during the quarter. Bayesian Capital Management LP’s holdings in DNOW were worth $131,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Barclays PLC lifted its stake in DNOW by 44.6% in 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 during the last quarter. Franklin Resources Inc. lifted its stake in shares of DNOW by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 216,243 shares of the oil and gas company’s stock valued at $2,761,000 after acquiring an additional 1,278 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in DNOW by 3.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,731,485 shares of the oil and gas company’s stock valued at $22,388,000 after acquiring an additional 54,660 shares during the period. Nordea Investment Management AB grew its position in DNOW by 1.4% during the 4th quarter. Nordea Investment Management AB now owns 327,246 shares of the oil and gas company’s stock worth $4,257,000 after acquiring an additional 4,582 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its stake in DNOW by 5.6% in the 4th quarter. Exchange Traded Concepts LLC now owns 84,710 shares of the oil and gas company’s stock worth $1,102,000 after purchasing an additional 4,456 shares during the period. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Performance

DNOW opened at $14.53 on Friday. The stock has a market capitalization of $1.54 billion, a PE ratio of 19.90 and a beta of 1.20. The stock’s 50 day moving average price is $15.70 and its 200-day moving average price is $14.71. DNOW Inc. has a 52-week low of $11.42 and a 52-week 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 analysts’ consensus estimates of $0.19 by $0.03. DNOW had a net margin of 3.41% and a return on equity of 9.04%. The business had revenue of $599.00 million for the quarter, compared to the consensus estimate of $587.17 million. During the same period in the previous year, the firm earned $0.21 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts forecast that DNOW Inc. will post 0.86 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Susquehanna dropped their price objective on DNOW from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus dropped their price target on shares of DNOW from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday. Finally, StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research report on Saturday, April 26th.

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.