Legal & General Group Plc acquired a new position in shares of DNOW Inc. (NYSE:DNOW – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 416,896 shares of the oil and gas company’s stock, valued at approximately $5,407,000. Legal & General Group Plc owned about 0.23% of DNOW as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in shares of DNOW by 28.2% during the first quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company’s stock worth $611,000 after buying an additional 7,867 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in DNOW by 53.4% during the 1st 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 valued at $6,127,000 after acquiring an additional 124,797 shares during the last quarter. Norges Bank purchased a new stake in DNOW during the 2nd quarter valued at approximately $1,192,000. Quantbot Technologies LP acquired a new stake in DNOW during the 2nd quarter worth approximately $283,000. Finally, Invesco Ltd. lifted its position in DNOW by 31.1% during the 2nd quarter. Invesco Ltd. now owns 792,481 shares of the oil and gas company’s stock worth $11,752,000 after acquiring 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
A number of research analysts have recently issued reports on the company. Zacks Research raised DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Wall Street Zen raised DNOW from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of DNOW in a research report on Monday, August 24th. Susquehanna boosted their price objective on shares of DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a research note on Friday, August 7th. Finally, DA Davidson upped their price objective on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. One research 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 company. According to data from MarketBeat, DNOW currently has an average rating of “Moderate Buy” and an average target price of $18.25.
DNOW Stock Performance
NYSE DNOW opened at $15.79 on Friday. The stock has a market capitalization of $2.85 billion, a price-to-earnings ratio of -14.76 and a beta of 0.87. The business’s 50 day moving average is $14.60 and its two-hundred day moving average is $13.41. DNOW Inc. has a 12-month low of $10.94 and a 12-month high of $17.26. The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23.
DNOW (NYSE:DNOW – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.09 by $0.03. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.The business had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 108.1% compared to the same quarter last year. Research analysts expect that DNOW Inc. will post 0.34 EPS for the current year.
DNOW Company 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.
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