Hillsdale Investment Management Reduces Stake in DNOW Inc. by 24.2%

Hillsdale Investment Management Inc. has decreased its holdings in DNOW Inc. (NYSE: DNOW) by 24.2% during the second quarter of 2023. According to the firm’s most recent 13F filing with the U.S. Securities and Exchange Commission (SEC), Hillsdale now owns 187,300 shares of the oil and gas company’s stock, having sold 59,900 shares during this period. The value of Hillsdale’s remaining stake is approximately $2,778,000.

This decision follows a trend among several institutional investors who have recently altered their positions in DNOW. Notably, Brooklyn Investment Group significantly increased its stake by an astonishing 2,650.0% in the first quarter, now holding 1,705 shares valued at around $29,000 after acquiring an additional 1,643 shares. Similarly, Headlands Technologies LLC has boosted its investment in DNOW by 21,663.6%, obtaining 2,394 shares worth about $41,000 after purchasing an additional 2,383 shares.

New Age Alpha Advisors LLC also entered the scene, acquiring a new position valued at approximately $58,000 in the same quarter. Other notable additions include BI Asset Management Fondsmaeglerselskab A S, which invested around $63,000, and Covestor Ltd, which raised its holdings by 437.2%, now owning 4,507 shares valued at $76,000. Collectively, institutional investors currently own 97.63% of DNOW’s stock.

Stock Performance and Analyst Ratings

As of October 6, 2023, shares of DNOW opened at $13.34. The company has experienced a 52-week low of $12.01 and a 52-week high of $18.45. Its market capitalization stands at approximately $1.40 billion, with a price-to-earnings (PE) ratio of 15.33 and a beta of 1.01, indicating its volatility compared to the market.

Recent assessments from analysts provide a mixed outlook on DNOW. Weiss Ratings reaffirmed a “hold (C+)” rating on October 8, while Zacks Research downgraded DNOW from a “strong-buy” to a “hold” rating on October 6. In contrast, Susquehanna upgraded its stance from “neutral” to “positive,” establishing a target price of $16.00. Currently, two analysts have rated the stock as a Buy, while two maintain a Hold rating. According to MarketBeat data, the average rating for DNOW is categorized as “Moderate Buy,” with a target price averaging $17.00.

Company Overview

DNOW Inc. specializes in distributing downstream energy and industrial products essential for various sectors, including petroleum refining, chemical processing, and power generation. The company operates in the United States, Canada, and internationally, providing an extensive range of products. These include consumable maintenance supplies, piping systems, valves, gaskets, and personal protective equipment, among others.

For investors and stakeholders interested in monitoring DNOW, detailed updates on hedge fund activities and stock performance can be found through resources like HoldingsChannel.com, which tracks the latest 13F filings and insider trades for DNOW Inc.