Lazard Asset Management LLC Raises Position in DNOW Inc. (NYSE:DNOW)

Lazard Asset Management LLC raised its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 58.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 187,685 shares of the oil and gas company's stock after purchasing an additional 69,527 shares during the period. Lazard Asset Management LLC owned 0.18% of DNOW worth $2,441,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its position in DNOW by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company's stock valued at $27,212,000 after purchasing an additional 25,402 shares during the period. Amundi boosted its holdings in shares of DNOW by 186.4% in the 4th quarter. Amundi now owns 51,501 shares of the oil and gas company's stock worth $667,000 after buying an additional 33,520 shares during the last quarter. KBC Group NV grew its position in shares of DNOW by 72.4% during the 4th quarter. KBC Group NV now owns 6,560 shares of the oil and gas company's stock valued at $85,000 after acquiring an additional 2,754 shares during the period. JPMorgan Chase & Co. increased its position in DNOW by 6.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock worth $23,985,000 after buying an additional 112,135 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of DNOW in the fourth quarter valued at $2,887,000. Institutional investors and hedge funds own 97.63% of the company's stock.

DNOW Price Performance

Shares of DNOW stock traded down $0.32 during trading hours on Wednesday, reaching $14.81. The company had a trading volume of 328,330 shares, compared to its average volume of 933,947. The firm has a market cap of $1.56 billion, a PE ratio of 20.30 and a beta of 1.20. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45. The business has a fifty day simple moving average of $15.73 and a 200 day simple moving average of $14.94.

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

DNOW announced that its board has authorized a share buyback program on Friday, January 24th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. StockNews.com upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Stifel Nicolaus reduced their target price on shares of DNOW from $20.00 to $17.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Susquehanna lowered their price target on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 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.