The Manufacturers Life Insurance Company Invests $1.20 Million in DNOW Inc. $DNOW

Key Points

• The Manufacturers Life Insurance Company acquired 92,376 DNOW shares worth approximately $1.2 million during the second quarter, while institutional investors and hedge funds collectively own 97.63% of the company.
• DNOW reported quarterly revenue of $1.31 billion, up 108.1% year over year, and earnings per share of $0.12, exceeding analysts’ $0.09 consensus estimate.
• Shares opened at $16.12, up 2%, and analysts maintain a “Moderate Buy” consensus with an average price target of $18.25; DA Davidson recently raised its target to $19.

The Manufacturers Life Insurance Company acquired a new stake in shares of DNOW Inc. (NYSE:DNOW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 92,376 shares of the oil and gas company's stock, valued at approximately $1,198,000. The Manufacturers Life Insurance Company owned 0.05% of DNOW at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Quarry LP lifted its position in DNOW by 712.6% in the fourth quarter. Quarry LP now owns 1,942 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,703 shares during the period. EverSource Wealth Advisors LLC increased its holdings in DNOW by 190.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company's stock valued at $36,000 after buying an additional 1,589 shares during the period. Clearstead Advisors LLC raised its stake in shares of DNOW by 132.5% in the 4th quarter. Clearstead Advisors LLC now owns 2,427 shares of the oil and gas company's stock valued at $32,000 after buying an additional 1,383 shares in the last quarter. Sunbelt Securities Inc. raised its stake in shares of DNOW by 8,060.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,448 shares of the oil and gas company's stock valued at $29,000 after buying an additional 2,418 shares in the last quarter. Finally, Arax Advisory Partners lifted its holdings in shares of DNOW by 336.3% during the 4th quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company's stock worth $37,000 after acquiring an additional 2,156 shares during the period. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Up 2.0%

Shares of NYSE:DNOW opened at $16.12 on Friday. The company's fifty day moving average is $14.65 and its 200-day moving average is $13.43. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.06 and a current ratio of 2.14. DNOW Inc. has a 52 week low of $10.94 and a 52 week high of $17.26. The company has a market capitalization of $2.91 billion, a PE ratio of -15.07 and a beta of 0.87.

DNOW (NYSE:DNOW - Get Free Report) last announced its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The business had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.27 billion. During the same quarter last year, the company posted $0.27 EPS. The firm's revenue for the quarter was up 108.1% on a year-over-year basis. Equities research analysts predict that DNOW Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of DNOW from a "sell" rating to a "hold" rating in a research report on Saturday, August 8th. Zacks Research upgraded shares of DNOW from a "strong sell" rating to a "hold" rating in a research note on Friday, May 22nd. Freedom Capital upgraded shares of DNOW to a "strong-buy" rating in a research note on Monday, June 22nd. DA Davidson lifted their price objective on DNOW from $17.00 to $19.00 and gave the company a "buy" rating in a report on Monday, August 10th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of DNOW in a research note 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.25.

About DNOW

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.

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