Short Interest in DNOW Inc. (NYSE:DNOW) Rises By 17.3%

DNOW Inc. (NYSE:DNOW) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 3,180,000 shares, an increase of 17.3% from the February 13th total of 2,710,000 shares. Based on an average trading volume of 980,800 shares, the days-to-cover ratio is presently 3.2 days. Currently, 3.1% of the company’s shares are sold short.

DNOW Stock Performance

Shares of NYSE:DNOW traded up $0.01 during trading on Thursday, hitting $16.11. The company’s stock had a trading volume of 464,569 shares, compared to its average volume of 814,294. DNOW has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The business has a 50 day moving average price of $15.05 and a two-hundred day moving average price of $13.87. The company has a market capitalization of $1.70 billion, a PE ratio of 22.05 and a beta of 1.51.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share for the quarter, topping 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%. As a group, equities analysts expect that DNOW will post 0.86 earnings per share for the current fiscal year.

DNOW declared that its Board of Directors has initiated a share buyback plan on Friday, January 24th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the oil and gas company to repurchase up to 10% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on DNOW shares. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a report on Thursday, February 27th. Stifel Nicolaus boosted their price target on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, February 14th.

Hedge Funds Weigh In On DNOW

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its holdings in shares of DNOW by 78.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,010 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 885 shares during the period. KBC Group NV boosted its holdings in shares of DNOW by 45.5% in the third quarter. KBC Group NV now owns 3,806 shares of the oil and gas company’s stock valued at $49,000 after acquiring an additional 1,190 shares during the period. Quarry LP boosted its holdings in shares of DNOW by 69.2% in 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 during the period. Quantinno Capital Management LP acquired a new stake in shares of DNOW in the fourth quarter valued at approximately $166,000. Finally, Coldstream Capital Management Inc. boosted its holdings in shares of 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 during the period. 97.63% of the stock is owned by institutional investors and hedge funds.

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.