Graham Capital Management L.P. Acquires 64,860 Shares of DNOW Inc. (NYSE:DNOW)

Graham Capital Management L.P. boosted its position in DNOW Inc. (NYSE:DNOW - Free Report) by 578.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,072 shares of the oil and gas company's stock after purchasing an additional 64,860 shares during the quarter. Graham Capital Management L.P. owned approximately 0.07% of DNOW worth $990,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Teacher Retirement System of Texas raised its stake in shares of DNOW by 0.8% in the fourth quarter. Teacher Retirement System of Texas now owns 100,117 shares of the oil and gas company's stock worth $1,303,000 after buying an additional 792 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of DNOW by 78.7% in the fourth 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. Highland Capital Management LLC raised its position in shares of DNOW by 6.7% during the 4th quarter. Highland Capital Management LLC now owns 17,514 shares of the oil and gas company's stock valued at $228,000 after purchasing an additional 1,097 shares during the period. Franklin Resources Inc. lifted its stake in shares of DNOW by 0.6% during 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 buying an additional 1,278 shares in the last quarter. Finally, CoreCommodity Management LLC boosted its holdings in DNOW by 1.4% in the 4th quarter. CoreCommodity Management LLC now owns 95,471 shares of the oil and gas company's stock worth $1,242,000 after buying an additional 1,364 shares during the period. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Down 1.4%

NYSE DNOW traded down $0.21 on Monday, reaching $15.06. The company had a trading volume of 71,684 shares, compared to its average volume of 932,869. The stock has a market capitalization of $1.59 billion, a PE ratio of 20.64 and a beta of 1.20. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The firm's 50 day moving average price is $15.71 and its 200 day moving average price is $14.91.

DNOW (NYSE:DNOW - Get Free Report) last issued its earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.03. The firm had revenue of $599.00 million for the quarter, compared to analysts' expectations of $587.17 million. DNOW had a return on equity of 9.04% and a net margin of 3.41%. The business's revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.21 earnings per share. On average, research analysts expect that DNOW Inc. will post 0.86 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Stifel Nicolaus decreased their price target on DNOW from $20.00 to $17.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Susquehanna decreased their target price on DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, StockNews.com upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th.

DNOW 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.