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. Based on an average daily volume of 2,708,923 shares, the short-interest ratio is presently 3.2 days. Approximately 8.4% of the shares of the company are sold short. Approximately 8.4% of the shares of the company are sold short. Based on an average daily volume of 2,708,923 shares, the short-interest ratio is presently 3.2 days.

Institutional Investors Weigh In On DNOW

A number of large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement Association of Colorado increased its position in DNOW by 77.3% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 27,118 shares of the oil and gas company’s stock worth $359,000 after acquiring an additional 11,827 shares during the period. Medina Value Partners LLC acquired a new stake in shares of DNOW in the fourth quarter valued at $19,630,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in DNOW in the 4th quarter valued at about $1,782,000. Kennedy Capital Management LLC bought a new position in DNOW in the 4th quarter worth approximately $13,242,000. Finally, Arax Advisory Partners raised its position in shares of DNOW by 336.3% during the fourth quarter. Arax Advisory Partners now owns 2,797 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 2,156 shares during the last quarter. Institutional investors own 97.63% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on DNOW shares. Stifel Nicolaus reiterated a “buy” rating and issued a $18.00 price objective on shares of DNOW in a research note on Monday, November 24th. Zacks Research raised DNOW from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Wall Street Zen raised shares of DNOW from a “buy” rating to a “strong-buy” rating in a research note on Saturday. KeyCorp set a $19.00 price objective on shares of DNOW in a research report on Thursday, December 18th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of DNOW in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $17.67.

DNOW Stock Up 1.8%

Shares of NYSE DNOW traded up $0.29 during mid-day trading on Monday, hitting $16.45. 1,569,976 shares of the company traded hands, compared to its average volume of 2,014,091. DNOW has a 1 year low of $12.01 and a 1 year high of $17.83. The business has a 50 day moving average of $14.42 and a two-hundred day moving average of $14.60. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 18.90 and a beta of 0.79.

About DNOW

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.