Jane Street Group LLC Has $12.62 Million Position in DNOW Inc. $DNOW

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

Several other institutional investors have also made changes to their positions in the company. SummerHaven Investment Management LLC lifted its holdings in shares of DNOW by 1.6% during the 1st quarter. SummerHaven Investment Management LLC now owns 60,319 shares of the oil and gas company's stock valued at $1,030,000 after buying an additional 966 shares during the last quarter. GAMMA Investing LLC boosted its holdings in DNOW by 122.1% in the first quarter. GAMMA Investing LLC now owns 1,859 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 1,022 shares in the last quarter. Nisa Investment Advisors LLC increased its position in DNOW by 15.9% during the first quarter. Nisa Investment Advisors LLC now owns 7,825 shares of the oil and gas company's stock worth $134,000 after buying an additional 1,073 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in DNOW by 1.8% during the first quarter. Sequoia Financial Advisors LLC now owns 81,390 shares of the oil and gas company's stock worth $1,390,000 after buying an additional 1,467 shares during the last quarter. Finally, Brooklyn Investment Group increased its position in DNOW by 2,650.0% during the first 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 last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Trading Down 2.7%

Shares of NYSE DNOW traded down $0.41 during mid-day trading on Friday, reaching $15.08. 1,978,489 shares of the company's stock were exchanged, compared to its average volume of 853,601. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of 19.84 and a beta of 1.21. The business has a fifty day simple moving average of $15.24 and a 200 day simple moving average of $15.24. DNOW Inc. has a twelve month low of $11.54 and a twelve month high of $18.45.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 return on equity of 8.97% and a net margin of 3.45%.DNOW's quarterly revenue was down .8% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. Equities research analysts predict that DNOW Inc. will post 0.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DNOW has been the topic of a number of analyst reports. Zacks Research raised DNOW to a "strong-buy" rating in a report on Friday, August 8th. Stifel Nicolaus cut their price target on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, DNOW presently has a consensus rating of "Buy" and a consensus price target of $18.00.

DNOW 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.