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

DNOW Inc. (NYSE:DNOW) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 3,350,000 shares, a growth of 11.3% from the May 31st total of 3,010,000 shares. Based on an average daily volume of 839,300 shares, the short-interest ratio is currently 4.0 days. Currently, 3.2% of the shares of the stock are sold short.

DNOW Trading Up 1.8 %

NYSE DNOW traded up $0.25 on Wednesday, hitting $13.53. 410,047 shares of the company were exchanged, compared to its average volume of 1,022,414. DNOW has a 1-year low of $9.44 and a 1-year high of $15.57. The firm has a 50 day moving average of $13.93 and a two-hundred day moving average of $13.02. The company has a market cap of $1.44 billion, a P/E ratio of 6.24 and a beta of 1.45.

DNOW (NYSE:DNOW) last announced its earnings results on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The company had revenue of $563.00 million for the quarter, compared to analyst estimates of $569.15 million. DNOW had a return on equity of 10.39% and a net margin of 10.30%. DNOW’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 earnings per share. Research analysts anticipate that DNOW will post 1.06 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Susquehanna decreased their price objective on shares of DNOW from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Stifel Nicolaus increased their price target on DNOW from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th.

Institutional Trading of DNOW

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Hawaiian Bank acquired a new stake in DNOW during the 2nd quarter worth $508,000. Price T Rowe Associates Inc. MD boosted its position in shares of DNOW by 3.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 121,261 shares of the oil and gas company’s stock worth $1,844,000 after purchasing an additional 3,786 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of DNOW by 127.6% during the first quarter. Lazard Asset Management LLC now owns 8,946 shares of the oil and gas company’s stock worth $135,000 after purchasing an additional 5,016 shares during the period. Quadrature Capital Ltd increased its holdings in DNOW by 34.2% in the first quarter. Quadrature Capital Ltd now owns 25,177 shares of the oil and gas company’s stock valued at $382,000 after purchasing an additional 6,415 shares during the last quarter. Finally, UniSuper Management Pty Ltd acquired a new position in DNOW in the first quarter valued at about $534,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

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.