Mackenzie Financial Corp Buys Shares of 54,682 DNOW Inc. (NYSE:DNOW)

Key Points

• Mackenzie Financial Corp has initiated a new investment in DNOW Inc., purchasing 54,682 shares valued at approximately $934,000, representing a 0.05% stake in the company.
• Institutional investors collectively own 97.63% of DNOW's stock, with several firms increasing their positions significantly, including GAMMA Investing LLC, which raised its stake by 122.1%.
• DNOW reported earnings per share (EPS)** of $0.22 for the latest quarter, exceeding the consensus estimate of $0.19, and has a predicted EPS of 0.86 for the current fiscal year.

Mackenzie Financial Corp bought a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 54,682 shares of the oil and gas company's stock, valued at approximately $934,000. Mackenzie Financial Corp owned 0.05% of DNOW at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of DNOW. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of DNOW by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company's stock valued at $31,065,000 after buying an additional 128,252 shares during the period. First Trust Advisors LP raised its position in shares of DNOW by 0.7% during the 4th quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company's stock worth $28,585,000 after acquiring an additional 15,869 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in DNOW by 6.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,843,620 shares of the oil and gas company's stock worth $23,985,000 after purchasing an additional 112,135 shares during the last quarter. Northern Trust Corp lifted its stake in DNOW by 8.7% during the fourth quarter. Northern Trust Corp now owns 1,225,767 shares of the oil and gas company's stock worth $15,947,000 after purchasing an additional 98,437 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in DNOW by 72.2% during the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock worth $19,780,000 after purchasing an additional 485,650 shares during the last quarter. 97.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

DNOW has been the subject of several recent analyst reports. Stifel Nicolaus decreased their target price on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, July 21st. Susquehanna decreased their target price on DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Wall Street Zen upgraded DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th.

DNOW Trading Up 0.7%

DNOW stock traded up $0.11 during trading on Friday, hitting $14.98. 1,209,503 shares of the company's stock were exchanged, compared to its average volume of 1,594,410. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 19.71 and a beta of 1.13. DNOW Inc. has a 52-week low of $11.42 and a 52-week high of $18.45. The business has a 50-day moving average price of $14.82 and a two-hundred day moving average price of $15.27.

DNOW (NYSE:DNOW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.22 by $0.05. The company had revenue of $628.00 million for the quarter, compared to analyst estimates of $612.60 million. DNOW had a return on equity of 8.97% and a net margin of 3.45%. The firm's revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. On average, equities research analysts anticipate that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

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.