The Manufacturers Life Insurance Company Acquires Shares of 92,376 DNOW Inc. $DNOW

The Manufacturers Life Insurance Company acquired a new position in DNOW Inc. (NYSE:DNOW) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 92,376 shares of the oil and gas company’s stock, valued at approximately $1,198,000.

Several other large investors also recently made changes to their positions in DNOW. Vanguard Group Inc. raised its holdings in shares of DNOW by 66.1% in the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock valued at $258,351,000 after buying an additional 7,762,071 shares during the last quarter. Engine Capital Management LP acquired a new position in shares of DNOW during the first quarter worth approximately $61,525,000. Bailard Inc. bought a new stake in shares of DNOW during the fourth quarter valued at approximately $1,820,000. GSA Capital Partners LLP bought a new stake in shares of DNOW during the second quarter valued at approximately $2,102,000. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of DNOW in the second quarter valued at approximately $42,540,000. Institutional investors own 97.63% of the company’s stock.

DNOW Trading Up 2.0%

Shares of NYSE DNOW opened at $16.12 on Friday. The company’s 50 day simple moving average is $14.65 and its 200 day simple moving average is $13.43. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The firm has a market capitalization of $2.91 billion, a P/E ratio of -15.07 and a beta of 0.87. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. The firm had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.27 billion. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The business’s quarterly revenue was up 108.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 EPS. On average, analysts predict that DNOW Inc. will post 0.34 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on DNOW shares. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Susquehanna lifted their target price on DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a research note on Friday, August 7th. DA Davidson boosted their target price on DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Freedom Capital raised DNOW to a “strong-buy” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of DNOW in a report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.25.

DNOW Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.