DNOW Inc. (NYSE:DNOW) Short Interest Update

DNOW Inc. (NYSE:DNOW) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 3,180,000 shares, a growth of 17.3% from the February 13th total of 2,710,000 shares. Based on an average daily volume of 980,800 shares, the short-interest ratio is currently 3.2 days. Currently, 3.1% of the shares of the stock are short sold.

DNOW Stock Performance

Shares of DNOW opened at $16.34 on Friday. DNOW has a 52-week low of $11.42 and a 52-week high of $18.45. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of 22.38 and a beta of 1.51. The business’s fifty day moving average is $15.12 and its 200-day moving average is $13.89.

DNOW (NYSE:DNOW) last released its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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, research analysts forecast that DNOW will post 0.86 EPS for the current fiscal year.

DNOW declared that its Board of Directors has approved a stock buyback plan on Friday, January 24th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the oil and gas company to buy up to 10% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

DNOW has been the subject of several recent analyst reports. StockNews.com raised shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th. Stifel Nicolaus upped their price target on shares of DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, February 14th.

Institutional Trading of DNOW

Hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its stake 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 buying an additional 885 shares during the period. KBC Group NV increased its position in DNOW by 45.5% in the 3rd 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 raised its stake 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 during the last quarter. Quantinno Capital Management LP acquired a new position in shares of DNOW during the fourth quarter worth $166,000. Finally, Coldstream Capital Management Inc. lifted its holdings in shares of DNOW by 10.1% during the third quarter. Coldstream Capital Management Inc. now owns 14,106 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 1,291 shares during the period. Institutional investors and hedge funds own 97.63% of the company’s stock.

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.