NOW Inc. (NYSE:DNOW) Short Interest Update

NOW Inc. (NYSE:DNOW) was the recipient of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 2,470,000 shares, a drop of 26.0% from the June 15th total of 3,340,000 shares. Approximately 2.3% of the company’s stock are sold short. Based on an average daily volume of 621,300 shares, the short-interest ratio is currently 4.0 days.

NYSE DNOW opened at $9.43 on Thursday. NOW has a fifty-two week low of $4.03 and a fifty-two week high of $11.98. The company’s 50-day moving average is $10.14.

NOW (NYSE:DNOW) last posted its earnings results on Wednesday, May 5th. The oil and gas company reported ($0.04) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.10. NOW had a negative return on equity of 9.48% and a negative net margin of 7.70%. The company had revenue of $361.00 million for the quarter, compared to analyst estimates of $336.37 million. During the same period last year, the company earned ($0.07) earnings per share. The business’s revenue was down 40.2% compared to the same quarter last year.

Institutional investors have recently bought and sold shares of the company. Grandview Asset Management LLC bought a new position in shares of NOW in the first quarter worth about $29,000. Eaton Vance Management bought a new position in shares of NOW in the first quarter worth about $51,000. Coldstream Capital Management Inc. bought a new position in shares of NOW in the first quarter worth about $101,000. Teacher Retirement System of Texas bought a new position in shares of NOW in the fourth quarter worth about $72,000. Finally, Sciencast Management LP bought a new position in shares of NOW in the first quarter worth about $108,000. Institutional investors and hedge funds own 93.01% of the company’s stock.

A number of analysts recently issued reports on DNOW shares. Stifel Nicolaus raised NOW from a “hold” rating to a “buy” rating and lifted their price objective for the company from $11.00 to $12.00 in a research report on Friday, July 16th. Zacks Investment Research raised NOW from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a research report on Tuesday, June 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $10.20.

About NOW

NOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and industrial manufacturing operations in the United States, Canada, and internationally. The company offers its products under the DistributionNOW and DNOW brand names.

Featured Article: Earnings Reports

Receive News & Ratings for NOW Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NOW and related companies with MarketBeat.com's FREE daily email newsletter.