DNOW (NYSE:DNOW) to Repurchase $160.00 million in Outstanding Stock

DNOW (NYSE:DNOW) announced that its Board of Directors has initiated a share buyback plan on Friday, January 24th, RTT News reports. The company plans to repurchase $160.00 million in shares. This repurchase authorization allows the oil and gas company to reacquire up to 10% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

DNOW Stock Up 9.4 %

Shares of NYSE DNOW traded up $1.30 during midday trading on Friday, reaching $15.10. The company had a trading volume of 1,559,396 shares, compared to its average volume of 1,077,021. The stock has a market cap of $1.60 billion, a PE ratio of 8.07 and a beta of 1.53. DNOW has a one year low of $9.44 and a one year high of $15.65. The firm’s fifty day moving average price is $13.95 and its 200-day moving average price is $13.37.

DNOW (NYSE:DNOW) last announced its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The firm had revenue of $606.00 million for the quarter, compared to analyst estimates of $614.92 million. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 EPS. As a group, equities research analysts expect that DNOW will post 0.81 EPS for the current year.

Insider Buying and Selling at DNOW

In related news, Director Paul M. Coppinger sold 26,186 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the sale, the director now owns 56,568 shares of the company’s stock, valued at $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.