Quantedge Capital Pte Ltd Sells 107,200 Shares of DNOW Inc. (NYSE:DNOW)

Quantedge Capital Pte Ltd reduced its stake in DNOW Inc. (NYSE:DNOW - Free Report) by 58.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,423 shares of the oil and gas company's stock after selling 107,200 shares during the quarter. Quantedge Capital Pte Ltd owned about 0.07% of DNOW worth $994,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DNOW. Pacer Advisors Inc. raised its holdings in 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 worth $82,063,000 after buying an additional 543,403 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in DNOW by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company's stock valued at $31,065,000 after acquiring an additional 128,252 shares in the last quarter. First Trust Advisors LP boosted its stake in DNOW by 0.7% during the 4th quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company's stock valued at $28,585,000 after purchasing an additional 15,869 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in DNOW by 1.2% during the 4th 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 purchasing an additional 25,402 shares in the last quarter. Finally, JPMorgan Chase & Co. increased 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 worth $23,985,000 after purchasing an additional 112,135 shares in the last quarter. 97.63% of the stock is currently owned by institutional investors.

DNOW Price Performance

Shares of NYSE DNOW traded up $0.17 during midday trading on Tuesday, reaching $15.27. The company's stock had a trading volume of 155,067 shares, compared to its average volume of 1,120,134. The stock has a market capitalization of $1.61 billion, a P/E ratio of 20.92 and a beta of 1.20. The firm has a 50 day moving average price of $15.71 and a 200-day moving average price of $14.94. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share for the quarter, topping 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 company 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 firm's quarterly revenue was up 6.4% on a year-over-year basis. On average, equities analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

DNOW declared that its board has authorized a stock repurchase program on Friday, January 24th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the oil and gas company to buy up to 10% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Stifel Nicolaus cut their target price on DNOW from $20.00 to $17.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. StockNews.com upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Finally, Susquehanna cut their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a report on Monday, April 14th.

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.