Short Interest in NOW Inc (NYSE:DNOW) Drops By 6.3%

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NOW Inc (NYSE:DNOW) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 9,469,200 shares, a decline of 6.3% from the May 30th total of 10,109,500 shares. Currently, 8.9% of the shares of the stock are short sold. Based on an average daily volume of 601,100 shares, the days-to-cover ratio is currently 15.8 days.

Several large investors have recently made changes to their positions in DNOW. FMR LLC grew its position in shares of NOW by 54.3% in the fourth quarter. FMR LLC now owns 2,199 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 774 shares during the period. Investors Research Corp grew its position in shares of NOW by 61.6% in the second quarter. Investors Research Corp now owns 2,362 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 900 shares during the period. Cullen Frost Bankers Inc. purchased a new stake in shares of NOW in the first quarter valued at $66,000. Icon Wealth Partners LLC purchased a new stake in shares of NOW in the first quarter valued at $91,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of NOW in the first quarter valued at $113,000.

NYSE DNOW opened at $13.49 on Friday. NOW has a fifty-two week low of $10.36 and a fifty-two week high of $18.56. The firm has a market capitalization of $1.47 billion, a PE ratio of 37.47 and a beta of 1.45. The business has a fifty day moving average of $13.87. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.30 and a current ratio of 2.64.

NOW (NYSE:DNOW) last released its quarterly earnings results on Thursday, May 2nd. The oil and gas company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. NOW had a return on equity of 4.19% and a net margin of 2.16%. The company had revenue of $785.00 million during the quarter, compared to analysts’ expectations of $772.54 million. During the same period in the previous year, the firm posted $0.01 earnings per share. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts forecast that NOW will post 0.44 EPS for the current fiscal year.

Separately, Zacks Investment Research raised General Moly from a “sell” rating to a “hold” rating in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating, NOW currently has an average rating of “Hold” and a consensus target price of $15.40.

NOW Company Profile

NOW Inc distributes energy and industrial products in the United States, Canada, and internationally. It offers consumable maintenance, repair, and operating supplies; and pipes, valves, fittings, flanges, gaskets, fasteners, electrical products, 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 applied products and applications, such as artificial lift systems, coatings, and other expendable items.

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