Short Interest in DNOW Inc. (NYSE:DNOW) Drops By 5.7%

DNOW Inc. (NYSE:DNOW - Get Free Report) was the target of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 3,150,000 shares, a decrease of 5.7% from the November 30th total of 3,340,000 shares. Based on an average daily volume of 754,100 shares, the days-to-cover ratio is presently 4.2 days. Currently, 3.0% of the company's stock are short sold.

DNOW Price Performance

DNOW stock traded up $0.10 on Wednesday, reaching $13.01. 335,781 shares of the company traded hands, compared to its average volume of 906,503. The firm has a fifty day simple moving average of $13.82 and a 200-day simple moving average of $13.36. DNOW has a one year low of $9.44 and a one year high of $15.65. The company has a market cap of $1.38 billion, a P/E ratio of 6.96 and a beta of 1.50.

DNOW (NYSE:DNOW - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The oil and gas company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. The firm had revenue of $606.00 million during the quarter, compared to the consensus estimate of $614.92 million. DNOW had a return on equity of 8.90% and a net margin of 8.70%. The company's revenue was up 3.1% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, sell-side analysts forecast that DNOW will post 0.81 EPS for the current year.

Insiders Place Their Bets

In other news, Director Paul M. Coppinger sold 26,186 shares of DNOW stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total transaction of $401,955.10. Following the completion of the transaction, the director now directly owns 56,568 shares in the company, valued at approximately $868,318.80. This trade represents 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 accessible through the SEC website. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Pacer Advisors Inc. lifted its holdings in shares of 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 valued at $96,768,000 after purchasing an additional 2,939,502 shares in the last quarter. American Century Companies Inc. raised its position in DNOW by 141.2% in the 2nd quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company's stock worth $21,532,000 after buying an additional 918,131 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in DNOW by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company's stock valued at $88,511,000 after acquiring an additional 390,671 shares during the period. Foundry Partners LLC boosted its holdings in shares of DNOW by 832.0% during the 3rd quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company's stock valued at $4,730,000 after acquiring an additional 326,547 shares during the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of DNOW in the third quarter worth approximately $2,025,000. Institutional investors own 97.63% of the company's stock.

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.