Wellington Management Group LLP Has $253.08 Million Stock Holdings in DNOW Inc. $DNOW

Key Points

• Wellington Management increased its DNOW stake by 15.6% in the second quarter, acquiring 2.63 million additional shares. It now owns 19.51 million shares, or 10.79% of the company, valued at approximately $253.1 million.
• Institutional ownership remains very high at 97.63%, with Vanguard, BOKF, Engine Capital Management and other investors also recently increasing or initiating positions in DNOW.
• DNOW exceeded quarterly expectations, reporting $0.12 EPS versus $0.09 expected and $1.31 billion in revenue, up 108.1% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $18.25.

Wellington Management Group LLP boosted its position in DNOW Inc. (NYSE:DNOW - Free Report) by 15.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,513,068 shares of the oil and gas company's stock after acquiring an additional 2,633,894 shares during the period. Wellington Management Group LLP owned 10.79% of DNOW worth $253,084,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DNOW. Vanguard Group Inc. raised its stake in shares of DNOW by 66.1% during the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company's stock worth $258,351,000 after buying an additional 7,762,071 shares during the last quarter. BOKF NA lifted its holdings in DNOW by 13,223.9% in the fourth quarter. BOKF NA now owns 393,456 shares of the oil and gas company's stock valued at $5,213,000 after buying an additional 390,503 shares during the period. Engine Capital Management LP bought a new position in DNOW in the first quarter valued at approximately $61,525,000. Bailard Inc. bought a new position in DNOW in the fourth quarter valued at approximately $1,820,000. Finally, GSA Capital Partners LLP acquired a new stake in DNOW during the 2nd quarter worth $2,102,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Trading Up 0.1%

NYSE:DNOW opened at $15.95 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.14 and a quick ratio of 1.06. The business's 50-day simple moving average is $14.40 and its 200-day simple moving average is $13.42. DNOW Inc. has a fifty-two week low of $10.94 and a fifty-two week high of $17.26. The stock has a market capitalization of $2.88 billion, a PE ratio of -14.91 and a beta of 0.82.

DNOW (NYSE:DNOW - Get Free Report) last posted its earnings results on Thursday, August 6th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.09 by $0.03. The business had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.27 billion. DNOW had a positive return on equity of 3.91% and a negative net margin of 4.58%.DNOW's revenue for the quarter was up 108.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 EPS. Sell-side analysts expect that DNOW Inc. will post 0.34 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on DNOW shares. Freedom Capital raised DNOW to a "strong-buy" rating in a research note on Monday, June 22nd. Susquehanna lifted their price objective on DNOW from $16.00 to $19.00 and gave the stock a "positive" rating in a research note on Friday, August 7th. DA Davidson upped their price objective on DNOW from $17.00 to $19.00 and gave the company a "buy" rating in a report on Monday, August 10th. Wall Street Zen raised DNOW from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of DNOW in a report on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.25.

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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