Hillsdale Investment Management Cuts DNOW Holdings by 24.2%

Hillsdale Investment Management Inc. announced a significant reduction of its stake in DNOW Inc. (NYSE: DNOW) by 24.2% during the second quarter of this year. This decision was detailed in the company’s latest 13F filing with the U.S. Securities and Exchange Commission. Following the sale of 59,900 shares, Hillsdale now holds 187,300 shares of the oil and gas firm, valued at approximately $2,778,000.

Several other institutional investors have also adjusted their positions in DNOW. Notably, Brooklyn Investment Group increased its stake by an astonishing 2,650.0% in the first quarter, acquiring an additional 1,643 shares to reach a total of 1,705 shares, now valued at around $29,000. Similarly, Headlands Technologies LLC raised its holdings by 21,663.6%, bringing its total to 2,394 shares, valued at $41,000 after purchasing an additional 2,383 shares.

Other notable transactions included New Age Alpha Advisors LLC, which purchased a new position in DNOW valued at approximately $58,000, and BI Asset Management Fondsmaeglerselskab A S, which acquired a stake worth around $63,000. Covestor Ltd also significantly raised its holdings by 437.2%, now owning 4,507 shares worth $76,000 after adding 3,668 shares in the last quarter. Overall, institutional investors currently control 97.63% of DNOW’s stock.

Market Performance and Analyst Ratings

As of the latest trading session, DNOW’s shares opened at $13.34. The stock has experienced a 7.4% increase recently, with a fifty-day moving average of $14.46 and a two-hundred-day moving average of $14.80. The company holds a market capitalization of $1.40 billion, a price-to-earnings ratio of 15.33, and a beta of 1.01. Over the past year, DNOW’s stock has fluctuated between a low of $12.01 and a high of $18.45.

Research analysts have recently weighed in on DNOW’s stock performance. Weiss Ratings reaffirmed a “hold (C+)” rating on October 8, while Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on October 6. Conversely, Susquehanna upgraded DNOW from a “neutral” to a “positive” rating, setting a target price of $16.00. Currently, two analysts have rated the stock as a Buy, while another two have issued Hold ratings. According to data from MarketBeat, DNOW holds an average rating of “Moderate Buy” with an average target price of $17.00.

Company Overview

DNOW Inc. specializes in distributing downstream energy and industrial products, serving various sectors such as petroleum refining, chemical processing, LNG terminals, and power generation utilities both in the United States and internationally. The company offers a wide range of products, including maintenance, repair, and operating supplies, pipes, valves, fittings, and personal protective equipment.

Investors and stakeholders interested in DNOW can follow the latest developments and insights through resources such as HoldingsChannel.com, which provides up-to-date 13F filings and insider trades related to DNOW Inc.