Martingale Asset Management L P Reduces Holdings in DNOW Inc. (NYSE:DNOW)

Martingale Asset Management L P lowered its position in DNOW Inc. (NYSE:DNOW) by 1.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 127,830 shares of the oil and gas company’s stock after selling 1,436 shares during the quarter. Martingale Asset Management L P’s holdings in DNOW were worth $1,663,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of DNOW by 1.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock worth $27,212,000 after acquiring an additional 25,402 shares during the period. Amundi lifted its holdings in DNOW by 186.4% during the 4th quarter. Amundi now owns 51,501 shares of the oil and gas company’s stock worth $667,000 after purchasing an additional 33,520 shares in the last quarter. KBC Group NV boosted its stake in DNOW by 72.4% in the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 2,754 shares during the period. JPMorgan Chase & Co. grew its holdings in DNOW by 6.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company’s stock valued at $23,985,000 after buying an additional 112,135 shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in shares of DNOW by 9.4% during the fourth quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after buying an additional 543,403 shares during the period. 97.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

DNOW Stock Up 1.8 %

Shares of NYSE DNOW opened at $15.37 on Friday. The stock’s 50-day simple moving average is $15.77 and its two-hundred day simple moving average is $14.33. DNOW Inc. has a twelve month low of $11.42 and a twelve month high of $18.45. The firm has a market capitalization of $1.62 billion, a P/E ratio of 21.05 and a beta of 1.21.

DNOW (NYSE:DNOW) last issued its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 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, research analysts anticipate that DNOW Inc. will post 0.86 EPS for the current fiscal year.

DNOW declared that its board has approved a stock repurchase program on Friday, January 24th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.