CoreCommodity Management LLC Acquires 1,364 Shares of DNOW Inc. (NYSE:DNOW)

CoreCommodity Management LLC raised its holdings in DNOW Inc. (NYSE:DNOW) by 1.4% in the fourth quarter, Holdings Channel reports. The fund owned 95,471 shares of the oil and gas company’s stock after acquiring an additional 1,364 shares during the period. CoreCommodity Management LLC’s holdings in DNOW were worth $1,242,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Pacer Advisors Inc. grew its position 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 purchasing an additional 543,403 shares during the period. First Trust Advisors LP lifted its stake in DNOW by 0.7% in the fourth 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 buying an additional 15,869 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 buying an additional 25,402 shares during the period. JPMorgan Chase & Co. increased its position 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 worth $23,985,000 after acquiring an additional 112,135 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of 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 acquiring an additional 98,437 shares during the period. 97.63% of the stock is currently owned by institutional investors.

DNOW Stock Performance

NYSE:DNOW opened at $16.01 on Wednesday. The company has a market cap of $1.69 billion, a P/E ratio of 21.93 and a beta of 1.20. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45. The stock’s 50-day simple moving average is $15.72 and its 200 day simple moving average is $14.70.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. As a group, equities analysts predict 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 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 often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

DNOW has been the subject of a number of research analyst reports. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research note on Saturday, April 26th. Susquehanna reduced their price objective on DNOW from $19.00 to $18.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Finally, Stifel Nicolaus lifted their target price on DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, February 14th.

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.