DNOW Inc. (NYSE:DNOW) Short Interest Up 11.3% in June

DNOW Inc. (NYSE:DNOW) was the target of a large growth in short interest in 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. Currently, 3.2% of the company’s stock are sold short. Based on an average trading volume of 839,300 shares, the days-to-cover ratio is presently 4.0 days.

Institutional Trading of DNOW

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DNOW. Headlands Technologies LLC acquired a new position in shares of DNOW in the 1st quarter valued at about $44,000. Lazard Asset Management LLC lifted its holdings in shares of DNOW by 127.6% in the 1st quarter. Lazard Asset Management LLC now owns 8,946 shares of the oil and gas company’s stock valued at $135,000 after buying an additional 5,016 shares during the period. Cornerstone Investment Partners LLC acquired a new position in shares of DNOW in the 1st quarter valued at about $176,000. Summit Global Investments lifted its holdings in shares of DNOW by 21.0% in the 4th quarter. Summit Global Investments now owns 16,726 shares of the oil and gas company’s stock valued at $189,000 after buying an additional 2,900 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in shares of DNOW in the 4th quarter valued at about $212,000. Institutional investors and hedge funds own 97.63% of the company’s stock.

DNOW Stock Down 1.7 %

Shares of DNOW stock traded down $0.24 during trading on Monday, reaching $13.49. The company’s stock had a trading volume of 710,396 shares, compared to its average volume of 1,028,746. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 6.22 and a beta of 1.45. DNOW has a 1-year low of $9.44 and a 1-year high of $15.57. The company has a 50-day simple moving average of $13.97 and a two-hundred day simple moving average of $13.01.

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

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on DNOW shares. Susquehanna cut their price target on DNOW from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. Stifel Nicolaus raised their price objective on DNOW from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Thursday, March 28th.

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.