DNOW (NYSE:DNOW) to Repurchase $160.00 million in Shares

DNOW (NYSE:DNOW) announced that its board has authorized a share buyback plan on Friday, January 24th, RTT News reports. The company plans to repurchase $160.00 million in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 10% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

DNOW Trading Up 9.4 %

Shares of DNOW opened at $15.10 on Friday. The stock’s 50-day moving average price is $13.95 and its two-hundred day moving average price is $13.37. DNOW has a 12 month low of $9.44 and a 12 month high of $15.65. The company has a market capitalization of $1.60 billion, a PE ratio of 8.07 and a beta of 1.53.

DNOW (NYSE:DNOW) last posted its quarterly earnings data on Thursday, November 7th. The oil and gas company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. The company had revenue of $606.00 million for the quarter, compared to analyst estimates of $614.92 million. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 earnings per share. Equities research analysts predict that DNOW will post 0.81 EPS for the current fiscal year.

Insider Activity at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the 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 transaction, the director now directly owns 56,568 shares in the company, valued at approximately $868,318.80. This represents a 31.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by company insiders.

DNOW Company 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.