DNOW Inc. (NYSE:DNOW) Short Interest Update

DNOW Inc. (NYSE:DNOW) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 3,070,000 shares, a drop of 9.7% from the October 15th total of 3,400,000 shares. Based on an average trading volume of 783,500 shares, the short-interest ratio is presently 3.9 days. Approximately 3.0% of the company’s shares are sold short.

Hedge Funds Weigh In On DNOW

A number of large investors have recently modified their holdings of DNOW. Coldstream Capital Management Inc. increased its stake in DNOW by 10.1% during the 3rd quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock valued at $182,000 after purchasing an additional 1,291 shares in the last quarter. Barclays PLC raised its holdings in shares of DNOW by 44.6% in the 3rd quarter. Barclays PLC now owns 346,657 shares of the oil and gas company’s stock worth $4,484,000 after acquiring an additional 106,927 shares during the last quarter. iSAM Funds UK Ltd acquired a new stake in shares of DNOW in the 3rd quarter worth about $214,000. Wellington Management Group LLP boosted its stake in DNOW by 0.8% during the 3rd quarter. Wellington Management Group LLP now owns 1,138,287 shares of the oil and gas company’s stock valued at $14,718,000 after purchasing an additional 8,675 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in DNOW during the 3rd quarter worth approximately $2,025,000. 97.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.

DNOW Stock Performance

Shares of DNOW stock traded down $0.10 during trading hours on Tuesday, hitting $14.30. 17,031 shares of the company were exchanged, compared to its average volume of 930,144. DNOW has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The firm has a market cap of $1.51 billion, a P/E ratio of 7.70 and a beta of 1.45. The company has a 50 day simple moving average of $12.70 and a two-hundred day simple moving average of $13.31.

DNOW (NYSE:DNOW) last posted its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The business had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same period in the prior year, the business earned $0.25 EPS. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, sell-side analysts expect that DNOW will post 0.84 EPS for the current fiscal year.

About DNOW

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.