416,896 Shares in DNOW Inc. $DNOW Purchased by Legal & General Group Plc

Legal & General Group Plc acquired a new position in shares of DNOW Inc. (NYSE:DNOW) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 416,896 shares of the oil and gas company’s stock, valued at approximately $5,407,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DNOW. Royal Bank of Canada grew its position in shares of DNOW by 28.2% in the first quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company’s stock valued at $611,000 after purchasing an additional 7,867 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in DNOW by 53.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,708 shares of the oil and gas company’s stock worth $6,127,000 after buying an additional 124,797 shares during the period. Norges Bank acquired a new stake in DNOW in the 2nd quarter valued at $1,192,000. Quantbot Technologies LP purchased a new stake in shares of DNOW during the 2nd quarter valued at about $283,000. Finally, Invesco Ltd. raised its stake in shares of DNOW by 31.1% during the second quarter. Invesco Ltd. now owns 792,481 shares of the oil and gas company’s stock valued at $11,752,000 after purchasing an additional 187,878 shares during the period. 97.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Susquehanna boosted their price target on DNOW from $16.00 to $19.00 and gave the stock a “positive” rating in a research note on Friday, August 7th. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. DA Davidson increased their price target on DNOW from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a research note on Friday, May 22nd. Finally, Freedom Capital upgraded DNOW to a “strong-buy” rating in a report on Monday, June 22nd. One equities 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.25.

DNOW Stock Down 0.1%

Shares of DNOW stock opened at $15.79 on Friday. The stock has a fifty day moving average price of $14.60 and a 200 day moving average price of $13.41. The stock has a market cap of $2.85 billion, a P/E ratio of -14.76 and a beta of 0.87. DNOW Inc. has a one year low of $10.94 and a one year high of $17.26. 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 posted its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the business posted $0.27 earnings per share. The company’s quarterly revenue was up 108.1% compared to the same quarter last year. Analysts predict that DNOW Inc. will post 0.34 earnings per share for the current year.

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.