DNOW Inc. (NYSE:DNOW) Short Interest Update

Key Points

• DNOW Inc. experienced a significant increase in short interest, rising by 48.8% in July to a total of 3,840,000 shares.
• The company's latest earnings report showed earnings per share of $0.27, exceeding expectations, although revenue decreased by 0.8% year-over-year.
• Several analysts have downgraded their target price for DNOW, with Stifel Nicolaus and Susquehanna lowering theirs to $18.00, while upgrading the stock's rating.

DNOW Inc. (NYSE:DNOW - Get Free Report) saw a large increase in short interest in the month of July. As of July 15th, there was short interest totaling 3,840,000 shares, anincreaseof48.8% from the June 30th total of 2,580,000 shares. Currently,3.7% of the company's shares are short sold. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 3.6 days. Based on an average daily trading volume, of 1,080,000 shares, the days-to-cover ratio is currently 3.6 days. Currently,3.7% of the company's shares are short sold.

Analysts Set New Price Targets

DNOW has been the topic of a number of research reports. Stifel Nicolaus dropped their target price on shares of DNOW from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, July 21st. Wall Street Zen raised shares of DNOW from a "hold" rating to a "buy" rating in a research note on Saturday, April 26th. Finally, Susquehanna cut their price objective on shares of DNOW from $19.00 to $18.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. lifted its position in DNOW by 376.3% in the 1st quarter. Ameriprise Financial Inc. now owns 2,914,681 shares of the oil and gas company's stock valued at $49,802,000 after acquiring an additional 2,302,738 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of DNOW by 1.3% in the second quarter. Geode Capital Management LLC now owns 2,524,052 shares of the oil and gas company's stock worth $37,437,000 after purchasing an additional 32,317 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of DNOW by 5.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company's stock valued at $31,065,000 after purchasing an additional 128,252 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of DNOW by 0.7% in the fourth quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company's stock valued at $28,585,000 after purchasing an additional 15,869 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in shares of DNOW by 16.8% during the first quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock valued at $34,212,000 after buying an additional 288,311 shares during the last quarter. 97.63% of the stock is currently owned by institutional investors and hedge funds.

DNOW Stock Performance

DNOW stock traded up $0.11 during mid-day trading on Friday, reaching $14.98. The stock had a trading volume of 1,209,503 shares, compared to its average volume of 1,163,316. The firm has a market capitalization of $1.60 billion, a PE ratio of 19.71 and a beta of 1.13. DNOW has a fifty-two week low of $11.42 and a fifty-two week high of $18.45. The stock's 50-day simple moving average is $14.81 and its 200-day simple moving average is $15.26.

DNOW (NYSE:DNOW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.05. The business had revenue of $628.00 million during the quarter, compared to the consensus estimate of $612.60 million. DNOW had a net margin of 3.45% and a return on equity of 8.97%. DNOW's revenue was down .8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. On average, research analysts forecast that DNOW will post 0.86 earnings per share for the current fiscal year.

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.