Brandywine Global Investment Management LLC Takes Position in DNOW Inc. (NYSE:DNOW)

Brandywine Global Investment Management LLC bought a new stake in DNOW Inc. (NYSE:DNOW) in the fourth quarter, HoldingsChannel reports. The fund bought 212,607 shares of the oil and gas company’s stock, valued at approximately $2,766,000.

Other hedge funds have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership acquired a new position in DNOW during the fourth quarter valued at approximately $226,000. Pictet Asset Management Holding SA increased its holdings in DNOW by 23.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 15,760 shares of the oil and gas company’s stock worth $205,000 after buying an additional 2,947 shares during the last quarter. Norges Bank bought a new stake in DNOW during the fourth quarter worth $3,856,000. 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 valued at $23,985,000 after acquiring an additional 112,135 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in DNOW in the fourth quarter valued at $221,000. Institutional investors own 97.63% of the company’s stock.

DNOW Price Performance

NYSE:DNOW opened at $17.30 on Thursday. The company has a market cap of $1.83 billion, a P/E ratio of 23.70 and a beta of 1.51. The firm’s fifty day moving average price is $15.75 and its two-hundred day moving average price is $14.20. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates 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 research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current year.

DNOW announced that its board 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 of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

DNOW has been the topic of a number of research analyst reports. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus upped their price objective on DNOW from $17.00 to $20.00 and gave the company a “buy” rating in a research note 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.