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

DNOW Inc. (NYSE:DNOW) was the target of a significant decline in short interest in 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. Based on an average trading volume of 845,000 shares, the short-interest ratio is currently 4.6 days. Currently, 3.7% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of research analysts recently commented on DNOW shares. Susquehanna lowered their price target on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Finally, Stifel Nicolaus upped 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.

Institutional Investors Weigh In On DNOW

A number of institutional investors have recently added to or reduced their stakes in DNOW. Allspring Global Investments Holdings LLC raised its stake in shares of DNOW by 1,062.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 2,802 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 2,561 shares during the last quarter. Headlands Technologies LLC acquired a new stake in DNOW during the 1st quarter worth $44,000. Quarry LP grew its stake in DNOW by 75.6% during the 2nd quarter. Quarry LP now owns 4,433 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 1,908 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of DNOW in the second quarter valued at approximately $67,000. Finally, CWM LLC boosted its position in shares of DNOW by 144.9% during the 2nd quarter. CWM LLC now owns 6,767 shares of the oil and gas company’s stock valued at $93,000 after acquiring an additional 4,004 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

NYSE DNOW traded down $0.24 on Tuesday, reaching $12.69. 420,593 shares of the stock traded hands, compared to its average volume of 962,898. DNOW has a 12 month low of $9.44 and a 12 month high of $15.65. The company has a market cap of $1.36 billion, a price-to-earnings ratio of 5.82 and a beta of 1.43. The company has a fifty day moving average price of $13.08 and a 200-day moving average price of $13.80.

DNOW (NYSE:DNOW) last posted its 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). DNOW had a net margin of 9.70% and a return on equity of 9.93%. The business had revenue of $633.00 million for the quarter, compared to analysts’ expectations of $638.20 million. As a group, research analysts anticipate that DNOW will post 0.86 earnings per share for the current fiscal year.

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.