Short Interest in DNOW Inc. (NYSE:DNOW) Decreases By 9.0%

DNOW Inc. (NYSE:DNOW) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 3,540,000 shares, a decline of 9.0% from the September 15th total of 3,890,000 shares. Based on an average daily trading volume, of 823,800 shares, the days-to-cover ratio is presently 4.3 days. Approximately 3.4% of the shares of the company are sold short.

Analyst Ratings Changes

DNOW has been the topic of several recent research reports. Stifel Nicolaus lifted their price objective on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Susquehanna decreased their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Thursday, July 11th. Finally, StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th.

Hedge Funds Weigh In On DNOW

Several large investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of 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 worth $10,487,000 after buying an additional 117,612 shares during the period. Sei Investments Co. increased its stake in DNOW by 751.6% in the first quarter. Sei Investments Co. now owns 131,258 shares of the oil and gas company’s stock valued at $1,995,000 after purchasing an additional 115,844 shares in the last quarter. Denali Advisors LLC acquired a new stake in DNOW in the first quarter worth $1,409,000. First Hawaiian Bank acquired a new stake in DNOW in the second quarter worth $508,000. Finally, Janney Montgomery Scott LLC bought a new position in shares of DNOW during the first quarter worth $555,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Trading Up 1.5 %

NYSE DNOW traded up $0.18 during trading hours on Thursday, reaching $12.66. 830,931 shares of the company’s stock were exchanged, compared to its average volume of 938,076. The firm has a fifty day moving average of $12.61 and a 200-day moving average of $13.62. DNOW has a one year low of $9.44 and a one year high of $15.65. The stock has a market cap of $1.35 billion, a PE ratio of 5.75 and a beta of 1.43.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. As a group, research analysts forecast that DNOW will post 0.86 EPS 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.