DNOW Inc. (NYSE:DNOW) Short Interest Up 8.8% in November

DNOW Inc. (NYSE:DNOW) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,340,000 shares, an increase of 8.8% from the October 31st total of 3,070,000 shares. Based on an average daily trading volume, of 758,900 shares, the short-interest ratio is currently 4.4 days. Currently, 3.2% of the company’s stock are short sold.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a report on Thursday, August 15th.

DNOW Stock Performance

Shares of DNOW stock traded down $0.19 on Wednesday, hitting $15.04. The company’s stock had a trading volume of 153,317 shares, compared to its average volume of 915,164. The stock’s 50 day moving average is $13.29 and its 200-day moving average is $13.37. DNOW has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The company has a market capitalization of $1.59 billion, a PE ratio of 8.14 and a beta of 1.50.

DNOW (NYSE:DNOW) last released its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The business had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same period in the prior year, the company posted $0.25 earnings per share. DNOW’s revenue was up 3.1% compared to the same quarter last year. On average, research analysts forecast that DNOW will post 0.84 earnings per share for the current year.

Insider Buying and Selling

In other DNOW news, Director Paul M. Coppinger sold 26,186 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the transaction, the director now directly owns 56,568 shares in the company, valued at $868,318.80. The trade was a 31.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DNOW

Several institutional investors and hedge funds have recently bought and sold shares of DNOW. Pacer Advisors Inc. lifted its position in DNOW by 71.5% during the second quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock worth $96,768,000 after purchasing an additional 2,939,502 shares during the period. American Century Companies Inc. lifted its position in DNOW by 141.2% during the second quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock worth $21,532,000 after purchasing an additional 918,131 shares during the period. Dimensional Fund Advisors LP lifted its position in DNOW by 6.5% during the second quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after purchasing an additional 390,671 shares during the period. Foundry Partners LLC lifted its position in DNOW by 832.0% during the third quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company’s stock worth $4,730,000 after purchasing an additional 326,547 shares during the period. Finally, Weiss Asset Management LP bought a new stake in DNOW during the third quarter worth about $2,025,000. Institutional investors own 97.63% of the company’s stock.

DNOW Company Profile

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.