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

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

DNOW Stock Up 9.4 %

Shares of DNOW stock opened at $15.10 on Monday. The firm has a market capitalization of $1.60 billion, a P/E ratio of 8.07 and a beta of 1.53. DNOW has a twelve month low of $9.44 and a twelve month high of $15.65. The stock’s fifty day simple moving average is $13.95 and its 200 day simple moving average is $13.37.

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

Insider Buying and Selling

In other DNOW 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 transaction, the director now owns 56,568 shares in the company, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is currently owned by 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.