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

DNOW (NYSE:DNOW) announced that its board has approved a share repurchase 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 shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

DNOW Price Performance

DNOW opened at $15.10 on Monday. DNOW has a 1 year low of $9.44 and a 1 year high of $15.65. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 8.07 and a beta of 1.53. The firm’s fifty day moving average price is $13.95 and its two-hundred day moving average price is $13.37.

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

Insider Activity

In related news, Director Paul M. Coppinger sold 26,186 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the transaction, the director now directly owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. The trade was a 31.64 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

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.