DNOW Inc. (NYSE:DNOW) Short Interest Update

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

Wall Street Analysts Forecast Growth

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

DNOW Stock Down 0.2 %

DNOW stock opened at $15.08 on Wednesday. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45. The business has a 50-day simple moving average of $14.59 and a 200 day simple moving average of $13.70. The company has a market cap of $1.59 billion, a PE ratio of 20.66 and a beta of 1.53.

DNOW (NYSE:DNOW) last issued its earnings results 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 net margin of 3.41% and a return on equity of 9.04%. On average, analysts anticipate that DNOW will post 0.86 EPS for the current fiscal year.

DNOW announced that its board has authorized a stock repurchase program on Friday, January 24th that allows the company to buyback $160.00 million in shares. This buyback authorization allows the oil and gas company to repurchase up to 10% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On DNOW

Large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its holdings in shares of 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 buying an additional 885 shares in the last quarter. KBC Group NV grew its position in 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 last quarter. Quarry LP raised its stake in DNOW by 69.2% during the fourth quarter. Quarry LP now owns 5,578 shares of the oil and gas company’s stock worth $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 in the fourth quarter worth about $166,000. Finally, Coldstream Capital Management Inc. lifted 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 worth $182,000 after acquiring an additional 1,291 shares during the last quarter. 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.