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

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

DNOW Stock Performance

DNOW traded up $0.18 on Thursday, hitting $12.66. 830,931 shares of the company were exchanged, compared to its average volume of 938,076. The stock’s fifty day moving average is $12.61 and its 200-day moving average is $13.62. The company has a market cap of $1.35 billion, a PE ratio of 5.75 and a beta of 1.43. DNOW has a 12 month low of $9.44 and a 12 month high of $15.65.

DNOW (NYSE:DNOW) last released its quarterly earnings data on Wednesday, August 7th. The oil and gas company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.01). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The company had revenue of $633.00 million during the quarter, compared to analyst estimates of $638.20 million. As a group, equities research analysts expect that DNOW will post 0.86 EPS for the current fiscal year.

Institutional Trading of DNOW

A number of large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in DNOW by 1,062.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 2,561 shares during the period. Headlands Technologies LLC bought a new position in shares of DNOW during the first quarter worth approximately $44,000. Quarry LP lifted its holdings in DNOW by 75.6% during the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 1,908 shares during the last quarter. Innealta Capital LLC bought a new stake in DNOW in the 2nd quarter valued at $67,000. Finally, nVerses Capital LLC acquired a new position in DNOW in the 3rd quarter valued at $78,000. Institutional investors and hedge funds own 97.63% of the company’s stock.

Analyst Ratings Changes

DNOW has been the topic of a number of recent research reports. Susquehanna dropped their target price on DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Stifel Nicolaus increased their target price on shares of DNOW from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, July 18th.

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.