Stifel Nicolaus Forecasts Strong Price Appreciation for DNOW (NYSE:DNOW) Stock

DNOW (NYSE:DNOW) had its target price increased by equities researchers at Stifel Nicolaus from $17.00 to $20.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price objective suggests a potential upside of 16.45% from the stock’s current price.

DNOW Stock Up 1.1 %

NYSE:DNOW traded up $0.20 during midday trading on Friday, hitting $17.18. The stock had a trading volume of 520,135 shares, compared to its average volume of 1,054,021. DNOW has a one year low of $10.75 and a one year high of $18.45. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 9.18 and a beta of 1.53. The stock has a 50-day moving average of $13.88 and a 200 day moving average of $13.41.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 8.90% and a net margin of 8.70%. On average, sell-side analysts anticipate that DNOW will post 0.81 earnings per share for the current fiscal year.

DNOW declared that its Board of Directors has initiated a share buyback 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 reacquire up to 10% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at DNOW

In related news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of the transaction, the director now owns 56,568 shares in the company, valued at $868,318.80. The trade was a 31.64 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On DNOW

Several institutional investors have recently bought and sold shares of the company. Teacher Retirement System of Texas boosted its holdings in DNOW by 0.8% in the 4th quarter. Teacher Retirement System of Texas now owns 100,117 shares of the oil and gas company’s stock worth $1,303,000 after buying an additional 792 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in DNOW by 78.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 885 shares in the last quarter. Highland Capital Management LLC raised its stake in DNOW by 6.7% in the fourth quarter. Highland Capital Management LLC now owns 17,514 shares of the oil and gas company’s stock valued at $228,000 after buying an additional 1,097 shares in the last quarter. KBC Group NV raised its stake in DNOW by 45.5% in the third quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after buying an additional 1,190 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of DNOW by 0.6% during the third quarter. Franklin Resources Inc. now owns 216,243 shares of the oil and gas company’s stock worth $2,761,000 after purchasing an additional 1,278 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

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.