Legal & General Group Plc Purchases 187,774 Shares of DNOW Inc. $DNOW

Legal & General Group Plc raised its position in DNOW Inc. (NYSE:DNOW) by 65.6% in the fourth quarter, HoldingsChannel reports. The fund owned 473,829 shares of the oil and gas company’s stock after purchasing an additional 187,774 shares during the quarter. Legal & General Group Plc’s holdings in DNOW were worth $6,278,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. acquired a new stake in DNOW in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC grew its stake in DNOW by 190.5% in the second quarter. EverSource Wealth Advisors LLC now owns 2,423 shares of the oil and gas company’s stock valued at $36,000 after acquiring an additional 1,589 shares during the period. Hantz Financial Services Inc. grew its stake in DNOW by 960.4% in the fourth quarter. Hantz Financial Services Inc. now owns 2,842 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 2,574 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in DNOW in the third quarter valued at approximately $44,000. Finally, SBI Securities Co. Ltd. grew its stake in DNOW by 17,756.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,857 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 2,841 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.

DNOW Stock Down 2.1%

DNOW stock opened at $13.22 on Friday. DNOW Inc. has a twelve month low of $10.94 and a twelve month high of $17.26. The company has a quick ratio of 1.14, a current ratio of 2.42 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average is $12.70 and its 200-day moving average is $13.34. The firm has a market capitalization of $2.41 billion, a PE ratio of -18.10 and a beta of 0.82.

DNOW (NYSE:DNOW) last posted its earnings results on Thursday, May 7th. The oil and gas company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.04). DNOW had a negative net margin of 4.14% and a positive return on equity of 4.94%. The company had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the business earned $0.22 EPS. The firm’s revenue for the quarter was up 97.5% compared to the same quarter last year. Sell-side analysts expect that DNOW Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DNOW. Weiss Ratings reissued a “sell (d+)” rating on shares of DNOW in a research note on Wednesday, May 27th. Wall Street Zen lowered DNOW from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Stifel Nicolaus dropped their target price on DNOW from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Finally, Zacks Research upgraded DNOW from a “strong sell” rating to a “hold” rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $17.00.

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.