DNOW Inc. (NYSE:DNOW) Sees Significant Growth in Short Interest

DNOW Inc. (NYSE:DNOW) saw a significant increase in short interest in the month of July. As of July 15th, there was short interest totalling 4,280,000 shares, an increase of 23.3% from the June 30th total of 3,470,000 shares. Based on an average daily volume of 857,100 shares, the days-to-cover ratio is presently 5.0 days. Currently, 4.1% of the company’s stock are short sold.

Institutional Trading of DNOW

A number of large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its position in DNOW by 2.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,095,429 shares of the oil and gas company’s stock valued at $69,001,000 after buying an additional 161,840 shares in the last quarter. Global Alpha Capital Management Ltd. grew its position in DNOW by 38.6% in the 4th quarter. Global Alpha Capital Management Ltd. now owns 2,487,826 shares of the oil and gas company’s stock valued at $28,162,000 after purchasing an additional 693,500 shares during the period. Charles Schwab Investment Management Inc. increased its stake in DNOW by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,989,506 shares of the oil and gas company’s stock valued at $22,521,000 after purchasing an additional 49,310 shares in the last quarter. Wellington Management Group LLP increased its stake in DNOW by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock valued at $10,487,000 after purchasing an additional 117,612 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in DNOW by 4.7% during the fourth quarter. New York State Common Retirement Fund now owns 911,682 shares of the oil and gas company’s stock worth $10,320,000 after buying an additional 40,723 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on DNOW shares. Susquehanna cut their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus upped their target price on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

DNOW Price Performance

DNOW stock traded up $0.25 during midday trading on Friday, reaching $15.11. The company had a trading volume of 747,154 shares, compared to its average volume of 828,543. DNOW has a 1-year low of $9.44 and a 1-year high of $15.57. The stock has a 50 day moving average price of $13.81 and a 200-day moving average price of $13.36. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of 6.96 and a beta of 1.45.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Friday, May 10th. The oil and gas company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). The business had revenue of $563.00 million for the quarter, compared to the consensus estimate of $569.15 million. DNOW had a return on equity of 10.39% and a net margin of 10.30%. DNOW’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 earnings per share. As a group, research analysts anticipate that DNOW will post 1.06 earnings per share 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.