DNOW Inc. (NYSE:DNOW) Short Interest Down 7.6% in September

DNOW Inc. (NYSE:DNOW) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totalling 3,890,000 shares, a decline of 7.6% from the August 31st total of 4,210,000 shares. Currently, 3.7% of the company’s shares are sold short. Based on an average daily trading volume, of 845,000 shares, the days-to-cover ratio is currently 4.6 days.

DNOW Stock Performance

Shares of NYSE DNOW traded down $0.31 during midday trading on Tuesday, reaching $12.62. 829,600 shares of the company’s stock were exchanged, compared to its average volume of 965,062. The business’s fifty day moving average price is $13.08 and its two-hundred day moving average price is $13.80. DNOW has a 52-week low of $9.44 and a 52-week high of $15.65. The stock has a market capitalization of $1.35 billion, a PE ratio of 5.82 and a beta of 1.43.

DNOW (NYSE:DNOW) last issued its quarterly earnings results 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 return on equity of 9.93% and a net margin of 9.70%. The company had revenue of $633.00 million for the quarter, compared to the consensus estimate of $638.20 million. Analysts predict that DNOW will post 0.86 earnings per share for the current fiscal year.

Hedge Funds Weigh In On DNOW

A number of hedge funds have recently added to or reduced their stakes in DNOW. Allspring Global Investments Holdings LLC lifted its position in shares of 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 worth $38,000 after buying an additional 2,561 shares during the last quarter. Headlands Technologies LLC acquired a new stake in DNOW during the first quarter worth about $44,000. Quarry LP lifted its holdings in DNOW by 75.6% in the second quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock worth $61,000 after acquiring an additional 1,908 shares during the last quarter. Innealta Capital LLC acquired a new position in DNOW in the second quarter valued at approximately $67,000. Finally, CWM LLC grew its holdings in shares of DNOW by 144.9% during the second quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after purchasing an additional 4,004 shares during the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on DNOW. Susquehanna dropped their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus raised their price objective on DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th.

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.