DNOW Inc. (NYSE:DNOW) Short Interest Update

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

Wall Street Analyst Weigh In

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

DNOW Stock Up 0.2 %

DNOW opened at $14.40 on Tuesday. The business’s fifty day simple moving average is $12.70 and its 200 day simple moving average is $13.31. The stock has a market cap of $1.52 billion, a PE ratio of 7.70 and a beta of 1.45. DNOW has a 52 week low of $9.44 and a 52 week high of $15.65.

DNOW (NYSE:DNOW) last announced its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 EPS 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 analysts’ expectations of $614.92 million. During the same period in the previous year, the firm earned $0.25 EPS. The business’s quarterly revenue was up 3.1% on a year-over-year basis. As a group, equities analysts anticipate that DNOW will post 0.84 earnings per share for the current year.

Institutional Investors Weigh In On DNOW

Institutional investors and hedge funds have recently modified their holdings of the stock. Coldstream Capital Management Inc. lifted its holdings in DNOW by 10.1% in the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock worth $182,000 after buying an additional 1,291 shares during the period. Barclays PLC grew its position 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 buying an additional 106,927 shares during the period. iSAM Funds UK Ltd purchased a new position in DNOW during the 3rd quarter valued at about $214,000. Wellington Management Group LLP increased its stake in shares of DNOW by 0.8% during the third 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 in the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of DNOW in the 3rd quarter worth approximately $2,025,000. 97.63% of the stock is owned by hedge funds and other institutional investors.

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.