Wellington Management Group LLP Sells 227,113 Shares of DNOW Inc. $DNOW

Key Points

• Wellington Management Group LLP has reduced its holdings in DNOW Inc. by 22.1% in the first quarter, resulting in ownership of 801,774 shares worth approximately $13.7 million.
• Other institutional investors have shown varied interest, with Brooklyn Investment Group increasing its stake by 2,650% and Algert Global LLC by 325.4% during the same period.
• DNOW Inc. reported earnings per share of $0.27, surpassing analysts' expectations, but experienced a 0.8% decline in revenue compared to the previous year.

Wellington Management Group LLP reduced its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 22.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 801,774 shares of the oil and gas company's stock after selling 227,113 shares during the quarter. Wellington Management Group LLP owned about 0.76% of DNOW worth $13,694,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group boosted its stake in DNOW by 2,650.0% during the 1st quarter. Brooklyn Investment Group now owns 1,705 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 1,643 shares in the last quarter. GAMMA Investing LLC boosted its stake in DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock valued at $32,000 after purchasing an additional 1,022 shares in the last quarter. Headlands Technologies LLC boosted its stake 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 valued at $41,000 after purchasing an additional 2,383 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in DNOW during the 1st quarter valued at $58,000. Finally, Covestor Ltd boosted its stake in DNOW by 437.2% during the 1st quarter. Covestor Ltd now owns 4,507 shares of the oil and gas company's stock valued at $76,000 after purchasing an additional 3,668 shares in the last quarter. 97.63% of the stock is owned by institutional investors.

DNOW Price Performance

Shares of DNOW traded down $0.22 during trading hours on Friday, hitting $15.99. 676,518 shares of the company were exchanged, compared to its average volume of 1,226,260. The company has a market capitalization of $1.71 billion, a PE ratio of 21.03 and a beta of 1.13. The firm has a fifty day simple moving average of $14.91 and a 200-day simple moving average of $15.34. DNOW Inc. has a one year low of $11.42 and a one year high of $18.45.

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

Analyst Ratings Changes

A number of brokerages have issued reports on DNOW. Zacks Research raised DNOW to a "strong-buy" rating in a research note on Friday, August 8th. Stifel Nicolaus decreased their price target on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $18.00.

About DNOW

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.