Wellington Management Group LLP Purchases 2,633,894 Shares of DNOW Inc. $DNOW

Wellington Management Group LLP raised its position in DNOW Inc. (NYSE:DNOW) by 15.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 19,513,068 shares of the oil and gas company’s stock after purchasing an additional 2,633,894 shares during the period. Wellington Management Group LLP owned approximately 0.11% of DNOW worth $253,084,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings 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 in the last quarter. BOKF NA raised its position in DNOW by 13,223.9% in the 4th 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 last quarter. Engine Capital Management LP bought a new stake in DNOW in the 1st quarter valued at approximately $61,525,000. Bailard Inc. bought a new stake in DNOW in the 4th quarter valued at approximately $1,820,000. Finally, GSA Capital Partners LLP acquired a new position in DNOW during the 2nd quarter worth approximately $2,102,000. 97.63% of the stock is currently owned by institutional investors.

DNOW Price Performance

Shares of DNOW opened at $15.95 on Monday. The company has a market cap of $2.88 billion, a price-to-earnings ratio of -14.91 and a beta of 0.82. The company has a current ratio of 2.14, a quick ratio of 1.06 and a debt-to-equity ratio of 0.23. The company’s fifty day simple moving average is $14.40 and its 200 day simple moving average is $13.42. DNOW Inc. has a 1-year low of $10.94 and a 1-year high of $17.26.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, August 6th. The oil and gas company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. The company had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.27 billion. DNOW had a negative net margin of 4.58% and a positive return on equity of 3.91%. The company’s quarterly revenue was up 108.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.27 EPS. On average, research analysts forecast that DNOW Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on DNOW shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of DNOW in a research note on Monday, August 24th. Wall Street Zen raised shares of DNOW from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research raised shares of DNOW from a “strong sell” rating to a “hold” rating in a research report on Friday, May 22nd. Susquehanna lifted their price target on shares of DNOW from $16.00 to $19.00 and gave the company a “positive” rating in a research note on Friday, August 7th. Finally, DA Davidson increased their price objective on shares of DNOW from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, DNOW presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.25.

DNOW 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.