DNOW Inc. $DNOW Shares Sold by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC has reduced its stake in DNOW Inc. by 31.8%, owning 373,672 shares worth approximately $6.38 million after selling 174,500 shares.
• Multiple institutional investors increased their holdings in DNOW, with Brooklyn Investment Group growing its position by 2,650% during the first quarter.
• DNOW reported $0.27 earnings per share for the latest quarter, surpassing the consensus estimate of $0.22, with quarterly revenue of $628 million.

AQR Capital Management LLC trimmed its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 31.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 373,672 shares of the oil and gas company's stock after selling 174,500 shares during the period. AQR Capital Management LLC owned 0.35% of DNOW worth $6,382,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group increased its position in shares of DNOW by 2,650.0% in the first quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 1,643 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of DNOW by 122.1% in the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 1,022 shares during the last quarter. Headlands Technologies LLC grew its holdings in DNOW by 21,663.6% during the 1st quarter. Headlands Technologies LLC now owns 2,394 shares of the oil and gas company's stock worth $41,000 after acquiring an additional 2,383 shares during the last quarter. New Age Alpha Advisors LLC acquired a new position in DNOW during the 1st quarter valued at about $58,000. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of DNOW in the 1st quarter valued at approximately $63,000. 97.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DNOW has been the subject of several analyst reports. Zacks Research raised shares of DNOW to a "strong-buy" rating in a research note on Friday, August 8th. Stifel Nicolaus decreased their target price on DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $18.00.

DNOW Price Performance

Shares of NYSE:DNOW traded up $0.28 on Thursday, hitting $15.48. The company's stock had a trading volume of 1,431,216 shares, compared to its average volume of 841,055. The company has a market capitalization of $1.66 billion, a PE ratio of 20.37 and a beta of 1.21. DNOW Inc. has a 1 year low of $11.54 and a 1 year high of $18.45. The company has a 50-day simple moving average of $15.21 and a 200 day simple moving average of $15.24.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.05. The business had revenue of $628.00 million for the quarter, compared to analyst estimates of $612.60 million. DNOW had a return on equity of 8.97% and a net margin of 3.45%.DNOW's revenue for the quarter was down .8% compared to the same quarter last year. During the same period last year, the company earned $0.25 EPS. On average, equities research analysts expect that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

DNOW Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.