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 cut its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 22.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 801,774 shares of the oil and gas company's stock after selling 227,113 shares during the period. Wellington Management Group LLP owned about 0.76% of DNOW worth $13,694,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of DNOW. Brooklyn Investment Group lifted its position in shares of 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 worth $29,000 after buying an additional 1,643 shares during the period. GAMMA Investing LLC lifted its position in shares of DNOW by 122.1% during the 1st quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after buying an additional 1,022 shares during the period. Headlands Technologies LLC lifted its position in shares of 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 buying an additional 2,383 shares during the period. New Age Alpha Advisors LLC bought a new position in shares of DNOW during the 1st quarter worth approximately $58,000. Finally, Quarry LP lifted its position in shares of DNOW by 69.2% during the 4th quarter. Quarry LP now owns 5,578 shares of the oil and gas company's stock worth $73,000 after buying an additional 2,281 shares during the period. 97.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Zacks Research upgraded DNOW to a "strong-buy" rating in a research report on Friday, August 8th. Stifel Nicolaus decreased their price target 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 investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, DNOW presently has an average rating of "Buy" and a consensus target price of $18.00.

DNOW Price Performance

NYSE:DNOW traded down $0.22 during mid-day trading on Monday, reaching $15.99. The stock had a trading volume of 676,518 shares, compared to its average volume of 1,177,926. The stock has a 50-day simple moving average of $14.93 and a two-hundred day simple moving average of $15.32. The stock has a market capitalization of $1.71 billion, a PE ratio of 21.03 and a beta of 1.21. DNOW Inc. has a 12 month low of $11.42 and a 12 month high of $18.45.

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

DNOW Company 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.