Short Interest in DNOW Inc. (NYSE:DNOW) Increases By 24.7%

DNOW Inc. (NYSE:DNOW) saw a significant increase in short interest during the month of January. As of January 30th, there was short interest totaling 8,615,669 shares, an increase of 24.7% from the January 15th total of 6,911,265 shares. Currently, 8.4% of the company’s stock are sold short. Based on an average daily trading volume, of 2,708,923 shares, the short-interest ratio is currently 3.2 days. Based on an average daily trading volume, of 2,708,923 shares, the short-interest ratio is currently 3.2 days. Currently, 8.4% of the company’s stock are sold short.

Wall Street Analyst Weigh In

DNOW has been the subject of several research analyst reports. Zacks Research raised shares of DNOW from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 1st. KeyCorp set a $19.00 price objective on DNOW in a report on Thursday, December 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of DNOW in a research report on Monday, December 29th. Susquehanna upgraded DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price objective for the company in a research report on Friday, November 21st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price objective on shares of DNOW in a report on Monday, November 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $17.67.

Hedge Funds Weigh In On DNOW

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its position in DNOW by 28.2% during the first quarter. Royal Bank of Canada now owns 35,783 shares of the oil and gas company’s stock worth $611,000 after acquiring an additional 7,867 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of DNOW by 53.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 358,708 shares of the oil and gas company’s stock valued at $6,127,000 after buying an additional 124,797 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in DNOW by 228.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 48,009 shares of the oil and gas company’s stock worth $712,000 after purchasing an additional 33,396 shares during the period. Ritholtz Wealth Management acquired a new stake in DNOW during the 2nd quarter worth approximately $187,000. Finally, Allianz Asset Management GmbH boosted its holdings in DNOW by 5.3% in the second quarter. Allianz Asset Management GmbH now owns 1,218,941 shares of the oil and gas company’s stock valued at $18,077,000 after purchasing an additional 60,836 shares during the period. Hedge funds and other institutional investors own 97.63% of the company’s stock.

DNOW Trading Up 1.8%

DNOW stock traded up $0.29 during trading on Monday, reaching $16.45. The company had a trading volume of 1,569,976 shares, compared to its average volume of 2,014,091. DNOW has a 52 week low of $12.01 and a 52 week high of $17.83. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 18.90 and a beta of 0.79. The firm’s 50-day simple moving average is $14.42 and its 200 day simple moving average is $14.60.

DNOW Company Profile

DistributionNOW (NYSE: DNOW) is a global distributor of energy and industrial products, serving a broad range of end-markets including oil and gas, petrochemical, power generation, and industrial manufacturing. Headquartered in Houston, Texas, the company provides solutions across the life cycle of energy and industrial assets, with an emphasis on safety, reliability and operational efficiency.

The company’s core product portfolio includes piping systems and related components (such as valves, fittings, flanges and gaskets), instrumentation, electrical and automation equipment, fasteners, industrial safety supplies, chemicals and composite products.