DNOW Inc. (NYSE:DNOW) Sees Significant Increase in Short Interest

DNOW Inc. (NYSE:DNOW) saw a large 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 trading volume of 980,800 shares, the days-to-cover ratio is presently 3.2 days. Currently, 3.1% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DNOW. Stifel Nicolaus increased their price target on DNOW from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. StockNews.com upgraded DNOW from a “hold” rating to a “buy” rating in a research note on Thursday, February 27th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in DNOW. Pacer Advisors Inc. raised its holdings in shares of DNOW by 9.4% in the 4th quarter. Pacer Advisors Inc. now owns 6,307,678 shares of the oil and gas company’s stock valued at $82,063,000 after acquiring an additional 543,403 shares in the last quarter. Global Alpha Capital Management Ltd. raised its holdings in shares of DNOW by 1.9% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 2,622,426 shares of the oil and gas company’s stock valued at $33,908,000 after acquiring an additional 48,900 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 valued at $31,065,000 after acquiring an additional 128,252 shares in the last quarter. First Trust Advisors LP raised its holdings 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 valued at $28,585,000 after acquiring an additional 15,869 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of DNOW by 1.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,091,660 shares of the oil and gas company’s stock valued at $27,212,000 after acquiring an additional 25,402 shares in the last quarter. Institutional investors own 97.63% of the company’s stock.

DNOW Stock Performance

NYSE DNOW traded up $0.92 during trading hours on Wednesday, hitting $16.10. The company had a trading volume of 1,432,602 shares, compared to its average volume of 819,445. DNOW has a 52 week low of $11.42 and a 52 week high of $18.45. The firm has a 50 day simple moving average of $14.99 and a 200 day simple moving average of $13.85. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 22.05 and a beta of 1.51.

DNOW (NYSE:DNOW) last issued its earnings results on Thursday, February 13th. The oil and gas company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.11 by $0.14. DNOW had a return on equity of 9.04% and a net margin of 3.41%. On average, research analysts forecast that DNOW will post 0.86 earnings per share for the current year.

DNOW declared that its Board of Directors has approved a stock repurchase program 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

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.