DNOW Inc. (NYSE:DNOW) Sees Large Growth in Short Interest

DNOW Inc. (NYSE:DNOW) was the target of a large increase in short interest in November. As of November 15th, there was short interest totalling 3,340,000 shares, an increase of 8.8% from the October 31st total of 3,070,000 shares. Currently, 3.2% of the company’s stock are short sold. Based on an average trading volume of 758,900 shares, the days-to-cover ratio is presently 4.4 days.

Analyst Upgrades and Downgrades

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

Insider Transactions at DNOW

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the sale, the director now directly owns 56,568 shares of the company’s stock, valued at $868,318.80. This represents a 31.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Pacer Advisors Inc. raised its position in DNOW by 71.5% in the second quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock valued at $96,768,000 after purchasing an additional 2,939,502 shares during the period. Dimensional Fund Advisors LP increased its position in shares of DNOW by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after acquiring an additional 390,671 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of DNOW by 1.6% during the second quarter. Renaissance Technologies LLC now owns 3,819,745 shares of the oil and gas company’s stock worth $52,445,000 after acquiring an additional 59,653 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of DNOW by 1.2% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,701,685 shares of the oil and gas company’s stock worth $50,824,000 after acquiring an additional 42,384 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. increased its position in shares of DNOW by 1.9% during the third quarter. Global Alpha Capital Management Ltd. now owns 2,622,426 shares of the oil and gas company’s stock worth $33,908,000 after acquiring an additional 48,900 shares during the last quarter. 97.63% of the stock is owned by hedge funds and other institutional investors.

DNOW Stock Down 1.9 %

Shares of DNOW traded down $0.29 on Wednesday, reaching $14.94. The stock had a trading volume of 216,917 shares, compared to its average volume of 915,376. The firm has a 50-day moving average of $13.29 and a 200 day moving average of $13.37. The firm has a market capitalization of $1.58 billion, a PE ratio of 8.14 and a beta of 1.50. DNOW has a twelve month low of $9.44 and a twelve month high of $15.65.

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