DNOW Inc. (NYSE:DNOW) Sees Significant Drop in Short Interest

DNOW Inc. (NYSE:DNOW) was the target of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,070,000 shares, a drop of 9.7% from the October 15th total of 3,400,000 shares. Approximately 3.0% of the company’s shares are short sold. Based on an average trading volume of 783,500 shares, the short-interest ratio is currently 3.9 days.

Institutional Trading of DNOW

A number of hedge funds have recently added to or reduced their stakes in the stock. Coldstream Capital Management Inc. raised its stake in shares of DNOW by 10.1% during the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 1,291 shares during the last quarter. Barclays PLC lifted its stake in shares of DNOW by 44.6% in the 3rd quarter. Barclays PLC now owns 346,657 shares of the oil and gas company’s stock worth $4,484,000 after acquiring an additional 106,927 shares during the period. iSAM Funds UK Ltd acquired a new stake in shares of DNOW in the 3rd quarter worth $214,000. Wellington Management Group LLP boosted its holdings in shares of DNOW by 0.8% in the third quarter. Wellington Management Group LLP now owns 1,138,287 shares of the oil and gas company’s stock valued at $14,718,000 after acquiring an additional 8,675 shares in the last quarter. Finally, Weiss Asset Management LP acquired a new position in shares of DNOW during the third quarter worth about $2,025,000. 97.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, August 15th.

DNOW Price Performance

Shares of DNOW stock traded down $0.08 on Tuesday, reaching $14.32. 41,476 shares of the company were exchanged, compared to its average volume of 930,253. The stock’s 50 day moving average price is $12.70 and its 200-day moving average price is $13.31. DNOW has a 1-year low of $9.44 and a 1-year high of $15.65. The company has a market cap of $1.52 billion, a P/E ratio of 7.70 and a beta of 1.45.

DNOW (NYSE:DNOW) last issued its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The business had revenue of $606.00 million during the quarter, compared to analysts’ expectations of $614.92 million. During the same quarter in the prior year, the business posted $0.25 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, research analysts predict that DNOW will post 0.84 earnings per share 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.