Fri Sep 20 12:39:01 UTC 2024: ## Hedge Funds Invest in DNOW Inc. as Oil and Gas Company Sees Growth

**New York, NY (Sept 20, 2024)** – DNOW Inc. (NYSE: DNOW), a leading distributor of downstream energy and industrial products, has attracted significant interest from hedge funds in the second quarter. Several funds, including Edgestream Partners L.P., Renaissance Technologies LLC, and Dimensional Fund Advisors LP, increased or established new positions in the company.

Edgestream Partners L.P. purchased a new stake in DNOW, acquiring 120,384 shares valued at approximately $1,653,000. Meanwhile, Renaissance Technologies LLC boosted its holdings by 1.6%, now owning 3,819,745 shares worth $52,445,000. Dimensional Fund Advisors LP saw a 6.5% increase in its DNOW holdings, now owning 6,446,637 shares valued at $88,511,000.

These investments come amidst positive sentiment surrounding the company. Analysts at Stifel Nicolaus upgraded DNOW’s price objective to $17.00 from $16.00, maintaining a “buy” rating. StockNews.com also raised its rating from “hold” to “buy”.

Despite missing analysts’ earnings estimates in the second quarter, DNOW’s strong revenue performance and positive outlook have attracted investors. The company reported revenue of $633 million, compared to analysts’ expectations of $638.20 million.

DNOW’s stock opened at $13.09 on Friday, with a market capitalization of $1.40 billion. The stock’s fifty-day simple moving average is $13.27, and its 200-day simple moving average is $13.89.

While analysts predict that DNOW will post 0.86 earnings per share for the current year, the company remains focused on providing essential products and services to the energy and industrial sectors, positioning itself for continued growth in the dynamic global energy market.

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