DNOW Inc. (NYSE:DNOW) Short Interest Down 9.0% in September

DNOW Inc. (NYSE:DNOW) was the target of a significant decline in short interest in September. As of September 30th, there was short interest totalling 3,540,000 shares, a decline of 9.0% from the September 15th total of 3,890,000 shares. Approximately 3.4% of the shares of the stock are sold short. Based on an average daily volume of 823,800 shares, the short-interest ratio is currently 4.3 days.

Institutional Trading of DNOW

Several institutional investors have recently added to or reduced their stakes in DNOW. Wellington Management Group LLP boosted its position in DNOW by 14.5% during the fourth quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock valued at $10,487,000 after acquiring an additional 117,612 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in DNOW during the fourth quarter worth approximately $212,000. Denali Advisors LLC acquired a new stake in DNOW during the first quarter worth approximately $1,409,000. BNP Paribas Financial Markets increased its holdings in DNOW by 26.9% in the first quarter. BNP Paribas Financial Markets now owns 56,524 shares of the oil and gas company’s stock worth $859,000 after purchasing an additional 11,982 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in DNOW in the first quarter valued at approximately $555,000. 97.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DNOW has been the subject of several recent analyst reports. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th. Susquehanna decreased 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. Finally, Stifel Nicolaus upped their price objective on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th.

DNOW Stock Performance

Shares of DNOW stock traded up $0.18 on Thursday, hitting $12.66. The stock had a trading volume of 830,931 shares, compared to its average volume of 938,076. The stock has a 50 day moving average of $12.61 and a 200 day moving average of $13.62. The firm has a market capitalization of $1.35 billion, a P/E ratio of 5.75 and a beta of 1.43. DNOW has a twelve month low of $9.44 and a twelve month high of $15.65.

DNOW (NYSE:DNOW) last released its quarterly 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 company had revenue of $633.00 million during the quarter, compared to the consensus estimate of $638.20 million. DNOW had a net margin of 9.70% and a return on equity of 9.93%. Equities analysts expect 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.