DNOW Inc. $DNOW Shares Purchased by Jane Street Group LLC

Key Points

• Jane Street Group LLC increased its stake in DNOW Inc. by 210.8% in the first quarter, owning approximately 738,843 shares valued at about $12.6 million as reported to the SEC.
• Other hedge funds also boosted their stakes in DNOW, with Ameriprise Financial Inc. increasing its holdings by 376.3% to nearly 2.9 million shares, valued at $49.8 million.
• Analysts have generally rated DNOW positively, with Zacks upgrading it to a "strong-buy" and an average price target of $18.00, following a quarterly earnings report that exceeded expectations.

Jane Street Group LLC increased its position in shares of DNOW Inc. (NYSE:DNOW - Free Report) by 210.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 738,843 shares of the oil and gas company's stock after purchasing an additional 501,088 shares during the period. Jane Street Group LLC owned approximately 0.70% of DNOW worth $12,619,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its holdings in DNOW by 376.3% during the first quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company's stock worth $49,802,000 after purchasing an additional 2,302,738 shares in the last quarter. American Century Companies Inc. raised its holdings in DNOW by 16.8% during the first quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock worth $34,212,000 after purchasing an additional 288,311 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in DNOW by 72.2% during the first quarter. Allianz Asset Management GmbH now owns 1,158,105 shares of the oil and gas company's stock worth $19,780,000 after purchasing an additional 485,650 shares in the last quarter. Nuveen LLC purchased a new position in DNOW during the first quarter worth about $18,483,000. Finally, Bridgeway Capital Management LLC raised its holdings in DNOW by 1.2% during the first quarter. Bridgeway Capital Management LLC now owns 984,619 shares of the oil and gas company's stock worth $16,817,000 after purchasing an additional 11,530 shares in the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

DNOW Stock Down 2.2%

Shares of DNOW traded down $0.34 during mid-day trading on Friday, reaching $15.15. 412,033 shares of the company's stock were exchanged, compared to its average volume of 1,129,339. The company has a 50-day simple moving average of $15.21 and a two-hundred day simple moving average of $15.24. DNOW Inc. has a 52-week low of $11.54 and a 52-week high of $18.45. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 19.92 and a beta of 1.21.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Zacks Research raised shares of DNOW to a "strong-buy" rating in a report on Friday, August 8th. Stifel Nicolaus dropped their target price on shares of DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report 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 data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $18.00.

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.