Short Interest in DNOW Inc. (NYSE:DNOW) Decreases By 5.7%

DNOW Inc. (NYSE:DNOW) was the target of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 3,150,000 shares, a decrease of 5.7% from the November 30th total of 3,340,000 shares. Based on an average daily volume of 754,100 shares, the days-to-cover ratio is currently 4.2 days. Approximately 3.0% of the company’s stock are short sold.

Insider Buying and Selling

In related news, Director Paul M. Coppinger sold 26,186 shares of the firm’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the completion of the transaction, the director now directly owns 56,568 shares of the company’s stock, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DNOW

Several hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its holdings in shares of DNOW by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 889,841 shares of the oil and gas company’s stock worth $12,218,000 after acquiring an additional 6,104 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in DNOW by 1,062.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 2,561 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in DNOW by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,124 shares of the oil and gas company’s stock valued at $372,000 after buying an additional 2,154 shares in the last quarter. Picton Mahoney Asset Management bought a new position in DNOW during the 2nd quarter worth $167,000. Finally, TD Asset Management Inc lifted its holdings in shares of DNOW by 4.2% during the second quarter. TD Asset Management Inc now owns 44,500 shares of the oil and gas company’s stock worth $611,000 after buying an additional 1,800 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

DNOW Price Performance

DNOW stock traded up $0.10 during trading hours on Wednesday, reaching $13.01. The stock had a trading volume of 335,781 shares, compared to its average volume of 906,503. The stock has a market capitalization of $1.38 billion, a PE ratio of 6.96 and a beta of 1.50. The stock has a 50-day simple moving average of $13.80 and a 200 day simple moving average of $13.36. DNOW has a fifty-two week low of $9.44 and a fifty-two 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 earnings per share 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 firm had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The business’s revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that DNOW will post 0.81 EPS 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.