Raymond James Financial Inc. Purchases Shares of 300,013 DNOW Inc. (NYSE:DNOW)

Raymond James Financial Inc. bought a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 300,013 shares of the oil and gas company's stock, valued at approximately $3,903,000. Raymond James Financial Inc. owned about 0.28% of DNOW at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of DNOW. Pacer Advisors Inc. boosted its holdings in shares of DNOW by 9.4% in the 4th 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. Charles Schwab Investment Management Inc. boosted its stake in 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 valued at $27,212,000 after acquiring an additional 25,402 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of 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 valued at $23,985,000 after purchasing an additional 112,135 shares during the last quarter. Royce & Associates LP raised its position in shares of DNOW by 15.1% during the 4th quarter. Royce & Associates LP now owns 705,407 shares of the oil and gas company's stock worth $9,177,000 after purchasing an additional 92,769 shares during the period. Finally, Empowered Funds LLC lifted its holdings in shares of DNOW by 5.1% in the 4th quarter. Empowered Funds LLC now owns 563,089 shares of the oil and gas company's stock worth $7,326,000 after purchasing an additional 27,429 shares during the last quarter. 97.63% of the stock is owned by institutional investors and hedge funds.

DNOW Stock Performance

Shares of NYSE:DNOW traded down $0.46 on Wednesday, hitting $15.87. The company's stock had a trading volume of 1,358,204 shares, compared to its average volume of 923,599. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 21.74 and a beta of 1.21. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45. The stock's 50-day moving average is $15.76 and its two-hundred day moving average is $14.59.

DNOW (NYSE:DNOW - Get Free Report) last announced its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. Equities analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DNOW. Susquehanna dropped their target price on DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Stifel Nicolaus lifted their price objective on shares of DNOW from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Finally, StockNews.com upgraded shares of DNOW from a "hold" rating to a "buy" rating in a research report on Saturday.

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.