DNOW Inc. (NYSE:DNOW) Short Interest Up 42.6% in February

DNOW Inc. (NYSE:DNOW) was the target of a large growth in short interest in February. As of February 15th, there was short interest totalling 2,710,000 shares, a growth of 42.6% from the January 31st total of 1,900,000 shares. Based on an average daily trading volume, of 941,200 shares, the days-to-cover ratio is presently 2.9 days. Approximately 2.6% of the shares of the stock are sold short.

DNOW Stock Down 0.2 %

Shares of DNOW stock traded down $0.03 during trading on Tuesday, hitting $15.08. 1,042,451 shares of the stock traded hands, compared to its average volume of 866,988. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 20.66 and a beta of 1.53. The firm’s fifty day moving average is $14.55 and its 200-day moving average is $13.68. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45.

DNOW (NYSE:DNOW) last announced its quarterly earnings data on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. On average, analysts forecast that DNOW will post 0.86 earnings per share for the current fiscal year.

DNOW declared that its board has initiated a stock repurchase program on Friday, January 24th that authorizes the company to buyback $160.00 million in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 10% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com raised DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus upped their price objective on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, February 14th.

Hedge Funds Weigh In On DNOW

Institutional investors and hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its position in DNOW by 78.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 885 shares during the last quarter. KBC Group NV grew its position in shares of DNOW by 45.5% in the 3rd quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock worth $49,000 after buying an additional 1,190 shares during the last quarter. Quarry LP raised its holdings in shares of DNOW by 69.2% during the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock valued at $73,000 after acquiring an additional 2,281 shares in the last quarter. Quantinno Capital Management LP bought a new position in shares of DNOW during the fourth quarter valued at approximately $166,000. Finally, Coldstream Capital Management Inc. boosted its holdings in DNOW by 10.1% in the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock valued at $182,000 after acquiring an additional 1,291 shares in the last quarter. 97.63% of the stock is currently owned by institutional investors.

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.