DNOW Inc. (NYSE:DNOW) Short Interest Up 42.6% in February

DNOW Inc. (NYSE:DNOW) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 2,710,000 shares, a growth of 42.6% from the January 31st total of 1,900,000 shares. Currently, 2.6% of the company’s shares are sold short. Based on an average daily volume of 941,200 shares, the days-to-cover ratio is currently 2.9 days.

Analyst Upgrades and Downgrades

DNOW has been the subject of several research reports. StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus increased their price target on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

DNOW Stock Performance

Shares of DNOW stock traded down $0.03 during trading on Tuesday, hitting $15.08. The company’s stock had a trading volume of 1,042,451 shares, compared to its average volume of 866,988. The company has a fifty day simple moving average of $14.55 and a two-hundred day simple moving average of $13.68. The company has a market capitalization of $1.59 billion, a PE ratio of 20.66 and a beta of 1.53. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.14. DNOW had a net margin of 3.41% and a return on equity of 9.04%. As a group, analysts predict that DNOW will post 0.86 EPS for the current year.

DNOW announced that its Board of Directors has approved a stock buyback plan on Friday, January 24th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 10% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Institutional Trading of DNOW

Several institutional investors have recently bought and sold shares of the company. PharVision Advisers LLC purchased a new stake in DNOW during the 4th quarter valued at about $279,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of DNOW by 3.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 233,911 shares of the oil and gas company’s stock valued at $3,043,000 after acquiring an additional 8,610 shares during the last quarter. Voloridge Investment Management LLC boosted its holdings in shares of DNOW by 360.7% during the 4th quarter. Voloridge Investment Management LLC now owns 208,250 shares of the oil and gas company’s stock valued at $2,709,000 after acquiring an additional 163,044 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of DNOW by 117.4% during the 4th quarter. Two Sigma Investments LP now owns 307,712 shares of the oil and gas company’s stock valued at $4,003,000 after acquiring an additional 166,166 shares during the last quarter. Finally, State of Wyoming boosted its holdings in shares of DNOW by 117.8% during the 4th quarter. State of Wyoming now owns 24,507 shares of the oil and gas company’s stock valued at $319,000 after acquiring an additional 13,257 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

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.