DNOW Inc. (NYSE:DNOW) Short Interest Update

DNOW Inc. (NYSE:DNOW) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 4,280,000 shares, an increase of 23.3% from the June 30th total of 3,470,000 shares. Based on an average daily volume of 857,100 shares, the short-interest ratio is currently 5.0 days. Approximately 4.1% of the company’s stock are short sold.

Analysts Set New Price Targets

Several research firms have issued reports on DNOW. Stifel Nicolaus lifted their price objective on DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Susquehanna cut their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th.

DNOW Price Performance

Shares of NYSE DNOW traded up $0.25 during midday trading on Friday, reaching $15.11. 747,154 shares of the company traded hands, compared to its average volume of 828,543. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 6.96 and a beta of 1.45. The stock has a 50-day moving average price of $13.81 and a 200 day moving average price of $13.36. DNOW has a 52 week low of $9.44 and a 52 week high of $15.57.

DNOW (NYSE:DNOW) last issued its quarterly 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). DNOW had a net margin of 10.30% and a return on equity of 10.39%. The firm had revenue of $563.00 million for the quarter, compared to the consensus estimate of $569.15 million. During the same period in the previous year, the business posted $0.25 earnings per share. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, analysts expect that DNOW will post 1.06 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. First Eagle Investment Management LLC increased its stake in DNOW by 0.4% in the 1st quarter. First Eagle Investment Management LLC now owns 258,029 shares of the oil and gas company’s stock worth $3,922,000 after purchasing an additional 1,000 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of DNOW by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 53,700 shares of the oil and gas company’s stock worth $737,000 after acquiring an additional 1,000 shares in the last quarter. SummerHaven Investment Management LLC raised its holdings in shares of DNOW by 1.6% during the second quarter. SummerHaven Investment Management LLC now owns 68,946 shares of the oil and gas company’s stock valued at $947,000 after acquiring an additional 1,068 shares during the period. Texas Permanent School Fund Corp lifted its position in shares of DNOW by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 93,060 shares of the oil and gas company’s stock valued at $1,415,000 after acquiring an additional 1,205 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in DNOW by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 21,473 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 1,480 shares during the period. Institutional investors own 97.63% of the company’s stock.

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.