DNOW Inc. (NYSE:DNOW) Short Interest Up 48.8% in July

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 growth in short interest in the month of July. As of July 15th, there was short interest totaling 3,840,000 shares, agrowthof48.8% 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 trading volume of 1,080,000 shares, the days-to-cover ratio is presently 3.6 days. Based on an average trading volume of 1,080,000 shares, the days-to-cover ratio is presently 3.6 days. Currently,3.7% of the company's shares are short sold.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on DNOW shares. Wall Street Zen upgraded DNOW from a "hold" rating to a "buy" rating in a report on Saturday, April 26th. Susquehanna lowered their price target on DNOW from $19.00 to $18.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Stifel Nicolaus lowered their price target on DNOW from $19.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, July 21st.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Ameriprise Financial Inc. raised its position in shares of 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 worth $49,802,000 after acquiring an additional 2,302,738 shares in the last quarter. Geode Capital Management LLC raised its position in shares of DNOW by 1.3% in the 2nd quarter. Geode Capital Management LLC now owns 2,524,052 shares of the oil and gas company's stock worth $37,437,000 after acquiring an additional 32,317 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of DNOW by 5.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,387,769 shares of the oil and gas company's stock worth $31,065,000 after acquiring an additional 128,252 shares in the last quarter. First Trust Advisors LP raised its position in shares of DNOW by 0.7% in the 4th quarter. First Trust Advisors LP now owns 2,197,167 shares of the oil and gas company's stock worth $28,585,000 after acquiring an additional 15,869 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of DNOW by 16.8% in the 1st quarter. American Century Companies Inc. now owns 2,003,050 shares of the oil and gas company's stock worth $34,212,000 after acquiring an additional 288,311 shares in the last quarter. Institutional investors own 97.63% of the company's stock.

DNOW Price Performance

DNOW traded up $0.11 during midday trading on Friday, reaching $14.98. 1,209,503 shares of the company's stock traded hands, compared to its average volume of 1,594,410. The firm has a fifty day moving average of $14.82 and a two-hundred day moving average of $15.28. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of 19.71 and a beta of 1.13. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45.

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