Schonfeld Strategic Advisors LLC Acquires New Position in DNOW Inc. (NYSE:DNOW)

Schonfeld Strategic Advisors LLC bought a new stake in DNOW Inc. (NYSE:DNOW - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 20,770 shares of the oil and gas company's stock, valued at approximately $270,000.

Other institutional investors also recently modified their holdings of the company. Northern Trust Corp lifted its position in DNOW by 8.7% during the fourth quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company's stock worth $15,947,000 after purchasing an additional 98,437 shares during the period. Tudor Investment Corp ET AL increased its stake in shares of DNOW by 285.7% in the fourth quarter. Tudor Investment Corp ET AL now owns 195,482 shares of the oil and gas company's stock valued at $2,543,000 after buying an additional 144,796 shares during the period. Quarry LP increased its stake in shares of DNOW by 69.2% in the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company's stock valued at $73,000 after buying an additional 2,281 shares during the period. Coldstream Capital Management Inc. increased its position in DNOW by 17.6% during the 4th quarter. Coldstream Capital Management Inc. now owns 16,595 shares of the oil and gas company's stock valued at $216,000 after purchasing an additional 2,489 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new stake in DNOW during the 4th quarter valued at approximately $3,055,000. Institutional investors own 97.63% of the company's stock.

DNOW Stock Performance

Shares of DNOW stock traded down $0.06 during trading hours on Friday, hitting $15.28. 614,386 shares of the company were exchanged, compared to its average volume of 935,489. The firm has a market cap of $1.61 billion, a P/E ratio of 20.93 and a beta of 1.20. DNOW Inc. has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The company has a 50 day simple moving average of $15.71 and a two-hundred day simple moving average of $14.87.

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 analysts' consensus estimates of $0.19 by $0.03. DNOW had a return on equity of 9.04% and a net margin of 3.41%. The company had revenue of $599.00 million for the quarter, compared to analysts' expectations of $587.17 million. During the same period last year, the business earned $0.21 EPS. DNOW's quarterly revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that DNOW Inc. will post 0.86 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Stifel Nicolaus decreased their target price on shares of DNOW from $20.00 to $17.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Susquehanna reduced their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, StockNews.com raised shares of DNOW from a "hold" rating to a "buy" rating in a research report 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.