Lazard Asset Management LLC grew its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 58.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & 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 quarter. Lazard Asset Management LLC owned approximately 0.18% of DNOW worth $2,441,000 at the end of the most recent reporting period.
Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in DNOW by 1.2% during 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 fourth quarter. Amundi now owns 51,501 shares of the oil and gas company's stock worth $667,000 after acquiring an additional 33,520 shares during the period. KBC Group NV lifted its holdings in DNOW by 72.4% during the fourth quarter. KBC Group NV now owns 6,560 shares of the oil and gas company's stock worth $85,000 after acquiring an additional 2,754 shares during the period. JPMorgan Chase & Co. lifted its holdings in DNOW by 6.5% during 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 acquiring an additional 112,135 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in DNOW during the fourth quarter worth $2,887,000. 97.63% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of analysts recently commented on DNOW shares. Wall Street Zen upgraded DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Stifel Nicolaus dropped 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. Finally, Susquehanna lowered 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.
Read Our Latest Stock Analysis on DNOW
DNOW Price Performance
Shares of DNOW traded down $0.14 during mid-day trading on Thursday, hitting $14.63. The stock had a trading volume of 119,793 shares, compared to its average volume of 933,521. The firm has a market cap of $1.54 billion, a P/E ratio of 20.05 and a beta of 1.20. The business has a fifty day moving average price of $15.72 and a 200-day moving average price of $14.94. DNOW Inc. has a 52 week low of $11.42 and a 52 week high of $18.45.
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, beating the consensus estimate of $0.19 by $0.03. The firm had revenue of $599.00 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. As a group, research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.
DNOW announced that its Board of Directors has initiated a stock buyback plan on Friday, January 24th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.
About DNOW
(
Free Report)
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.
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