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

DNOW Inc. (NYSE:DNOW) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 3,540,000 shares, a drop 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 short-interest ratio is presently 4.3 days. Approximately 3.4% of the company’s stock are sold short.

Institutional Trading of DNOW

Several hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. raised its position in shares of 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 grew its stake in DNOW by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock valued at $88,511,000 after buying an additional 390,671 shares in the last quarter. Renaissance Technologies LLC raised its holdings in DNOW by 1.6% during the 2nd quarter. Renaissance Technologies LLC now owns 3,819,745 shares of the oil and gas company’s stock valued at $52,445,000 after acquiring an additional 59,653 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted 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 in the last quarter. Finally, American Century Companies Inc. boosted its holdings in shares of DNOW by 141.2% in the second quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock worth $21,532,000 after acquiring an additional 918,131 shares during the period. Institutional investors own 97.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a report on Thursday, August 15th. Stifel Nicolaus increased their price objective on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Finally, Susquehanna dropped their target price on DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

DNOW Stock Up 1.5 %

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

DNOW (NYSE:DNOW) last released its earnings results on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.01). The business had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. DNOW had a return on equity of 9.93% and a net margin of 9.70%. On average, sell-side analysts forecast that DNOW will post 0.86 earnings per share for the current 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.