DNOW Inc. (NYSE:DNOW) Short Interest Update

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

Institutional Trading of DNOW

Several hedge funds and other institutional investors have recently made changes to their positions in DNOW. Vanguard Group Inc. grew its position in DNOW by 66.1% during the fourth quarter. Vanguard Group Inc. now owns 19,498,204 shares of the oil and gas company’s stock worth $258,351,000 after buying an additional 7,762,071 shares during the period. Boston Partners purchased a new stake in shares of DNOW during the 3rd quarter worth approximately $72,302,000. Pzena Investment Management LLC acquired a new stake in shares of DNOW in the 4th quarter worth approximately $55,135,000. Dimensional Fund Advisors LP grew its holdings in shares of DNOW by 60.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,374,585 shares of the oil and gas company’s stock worth $137,466,000 after acquiring an additional 3,920,731 shares during the period. Finally, Verbena Value LP purchased a new position in DNOW in the 4th quarter valued at approximately $48,800,000. Institutional investors and hedge funds own 97.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on DNOW shares. KeyCorp set a $19.00 target price on DNOW in a report on Thursday, December 18th. Zacks Research upgraded DNOW from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Wall Street Zen upgraded shares of DNOW from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price target on shares of DNOW in a research note on Monday, November 24th. Finally, Susquehanna upgraded shares of DNOW from a “neutral” rating to a “positive” rating and set a $16.00 price target for the company in a report on Friday, November 21st. One 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 company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $17.67.

DNOW Price Performance

Shares of NYSE:DNOW traded up $0.32 during trading on Wednesday, reaching $16.45. The company had a trading volume of 397,723 shares, compared to its average volume of 2,250,380. DNOW has a fifty-two week low of $12.01 and a fifty-two week high of $17.83. The stock’s fifty day moving average price is $14.52 and its 200 day moving average price is $14.62. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 18.88 and a beta of 0.79.

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.