DNOW (NYSE:DNOW) Price Target Raised to $20.00 at Stifel Nicolaus

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

DNOW Price Performance

Shares of DNOW stock traded up $0.20 during midday trading on Friday, reaching $17.18. 520,135 shares of the company traded hands, compared to its average volume of 1,054,021. The firm’s 50 day simple moving average is $13.88 and its two-hundred day simple moving average is $13.41. DNOW has a 1-year low of $10.75 and a 1-year high of $18.45. The firm has a market cap of $1.82 billion, a PE ratio of 9.18 and a beta of 1.53.

DNOW (NYSE:DNOW) last posted its quarterly 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 8.70% and a return on equity of 8.90%. As a group, research 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 stock buyback program on Friday, January 24th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes 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.

Insider Buying and Selling

In related news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the transaction, the director now directly 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 SEC, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC grew its stake in DNOW by 78.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 885 shares during the period. KBC Group NV grew its stake in DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock worth $49,000 after acquiring an additional 1,190 shares during the period. nVerses Capital LLC purchased a new stake in DNOW in the 3rd quarter worth approximately $78,000. GW Henssler & Associates Ltd. purchased a new stake in DNOW in the 3rd quarter worth approximately $182,000. Finally, Coldstream Capital Management Inc. grew its stake in DNOW by 10.1% in the 3rd quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock worth $182,000 after acquiring an additional 1,291 shares during the period. 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.