Hillsdale Investment Management Inc. Purchases New Holdings in DNOW Inc. (NYSE:DNOW)

Hillsdale Investment Management Inc. purchased a new stake in DNOW Inc. (NYSE:DNOW) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 279,000 shares of the oil and gas company’s stock, valued at approximately $4,241,000. Hillsdale Investment Management Inc. owned approximately 0.26% of DNOW at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP grew its holdings in DNOW by 14.5% during the 4th quarter. Wellington Management Group LLP now owns 926,412 shares of the oil and gas company’s stock worth $10,487,000 after acquiring an additional 117,612 shares during the period. Polaris Capital Management LLC acquired a new stake in DNOW during the 4th quarter worth $872,000. Denali Advisors LLC bought a new position in shares of DNOW during the first quarter worth $1,409,000. Louisiana State Employees Retirement System bought a new position in shares of DNOW during the fourth quarter worth $602,000. Finally, Nordea Investment Management AB boosted its position in shares of DNOW by 0.5% during the first quarter. Nordea Investment Management AB now owns 399,843 shares of the oil and gas company’s stock worth $6,166,000 after purchasing an additional 1,947 shares in the last quarter. Institutional investors and hedge funds own 97.63% of the company’s stock.

Analyst Ratings Changes

DNOW has been the topic of several research reports. Susquehanna cut their price objective on shares of DNOW from $15.00 to $14.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus boosted their price objective on shares of DNOW from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday.

DNOW Price Performance

DNOW stock traded up $0.40 during midday trading on Monday, hitting $14.61. The company’s stock had a trading volume of 781,734 shares, compared to its average volume of 1,009,233. DNOW Inc. has a twelve month low of $9.44 and a twelve month high of $15.57. The company’s fifty day moving average price is $13.73 and its 200 day moving average price is $13.26. The stock has a market capitalization of $1.56 billion, a P/E ratio of 6.73 and a beta of 1.45.

DNOW (NYSE:DNOW) last issued its quarterly earnings results on Friday, May 10th. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.02). DNOW had a net margin of 10.30% and a return on equity of 10.39%. The business had revenue of $563.00 million during the quarter, compared to analyst estimates of $569.15 million. During the same quarter in the previous year, the firm posted $0.25 earnings per share. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Equities analysts expect that DNOW Inc. will post 1.06 EPS for the current fiscal year.

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.