Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in DNOW Inc. $DNOW

Connor Clark & Lunn Investment Management Ltd. acquired a new position in DNOW Inc. (NYSE:DNOW) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 274,821 shares of the oil and gas company’s stock, valued at approximately $3,564,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.15% of DNOW as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Covestor Ltd increased its holdings in shares of DNOW by 15.7% in the 4th quarter. Covestor Ltd now owns 4,614 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 626 shares during the period. Envestnet Portfolio Solutions Inc. lifted its stake in shares of DNOW by 1.9% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 45,540 shares of the oil and gas company’s stock worth $603,000 after purchasing an additional 860 shares during the last quarter. Summit Global Investments lifted its stake in shares of DNOW by 5.4% during the 4th quarter. Summit Global Investments now owns 16,991 shares of the oil and gas company’s stock worth $225,000 after purchasing an additional 865 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in DNOW by 12.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 8,191 shares of the oil and gas company’s stock valued at $109,000 after purchasing an additional 892 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in DNOW by 50.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 3,629 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 1,216 shares in the last quarter. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Trading Down 2.0%

NYSE DNOW opened at $15.95 on Friday. DNOW Inc. has a 12-month low of $10.94 and a 12-month high of $17.26. The company has a fifty day simple moving average of $14.40 and a two-hundred day simple moving average of $13.45. The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.88 billion, a P/E ratio of -14.91 and a beta of 0.82.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share for the quarter, beating 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 firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same period in the previous year, the company earned $0.27 earnings per share. The business’s quarterly revenue was up 108.1% compared to the same quarter last year. On average, analysts forecast that DNOW Inc. will post 0.34 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of DNOW from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research upgraded shares of DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Freedom Capital raised shares of DNOW to a “strong-buy” rating in a research report on Monday, June 22nd. DA Davidson boosted their price objective on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of DNOW in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on 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.