Graham Capital Management L.P. Grows Stake in DNOW Inc. (NYSE:DNOW)

Graham Capital Management L.P. grew its position in shares of DNOW Inc. (NYSE:DNOW) by 578.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,072 shares of the oil and gas company’s stock after purchasing an additional 64,860 shares during the period. Graham Capital Management L.P.’s holdings in DNOW were worth $990,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of 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 acquiring an additional 25,402 shares during the last quarter. Amundi lifted its stake in DNOW by 186.4% in the fourth quarter. Amundi now owns 51,501 shares of the oil and gas company’s stock worth $667,000 after purchasing an additional 33,520 shares during the last quarter. KBC Group NV lifted its stake in DNOW by 72.4% in the fourth quarter. KBC Group NV now owns 6,560 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 2,754 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in DNOW by 6.5% in 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 purchasing an additional 112,135 shares during the last quarter. Finally, Pacer Advisors Inc. lifted its stake in DNOW by 9.4% in 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 purchasing an additional 543,403 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

DNOW Trading Up 3.1%

DNOW stock opened at $15.61 on Wednesday. The firm’s 50-day moving average price is $15.68 and its two-hundred day moving average price is $14.81. DNOW Inc. has a 12-month low of $11.42 and a 12-month high of $18.45. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 21.38 and a beta of 1.20.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, May 7th. The oil and gas company reported $0.22 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $599.00 million for the quarter, compared to analysts’ expectations of $587.17 million. During the same quarter in the previous year, the company earned $0.21 earnings per share. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities analysts predict that DNOW Inc. will post 0.86 EPS for the current year.

DNOW declared that its Board of Directors has initiated a stock repurchase plan on Friday, January 24th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 10% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

DNOW has been the subject of several recent research reports. Susquehanna lowered their price target on shares of DNOW from $19.00 to $18.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus lowered their price target on shares of DNOW from $20.00 to $17.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Finally, StockNews.com upgraded 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.