FBR & Co Reaffirms Buy Rating for Dril-Quip, Inc. (DRQ)
Several other brokerages have also weighed in on DRQ. BidaskClub lowered Dril-Quip from a hold rating to a sell rating in a report on Thursday, July 27th. Cowen and Company cut their price objective on Dril-Quip from $55.00 to $43.00 and set a market perform rating for the company in a report on Monday, July 31st. Piper Jaffray Companies set a $43.00 price objective on Dril-Quip and gave the company a hold rating in a report on Saturday, July 29th. Scotiabank set a $61.00 price objective on Dril-Quip and gave the company a hold rating in a report on Monday, July 31st. Finally, Gabelli began coverage on Dril-Quip in a report on Friday, October 20th. They issued a hold rating and a $43.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $51.00.
Shares of Dril-Quip (NYSE DRQ) opened at 41.50 on Friday. The firm has a market cap of $1.57 billion, a P/E ratio of 77.14 and a beta of 0.69. The firm has a 50-day moving average price of $42.69 and a 200-day moving average price of $46.33. Dril-Quip has a 12-month low of $35.85 and a 12-month high of $69.40.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. The company had revenue of $100.35 million during the quarter, compared to analyst estimates of $106.74 million. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The firm’s quarterly revenue was down 18.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.63 EPS. On average, equities research analysts expect that Dril-Quip will post $0.09 earnings per share for the current fiscal year.
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In other news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $43.49, for a total transaction of $86,980.00. Following the completion of the sale, the vice president now directly owns 24,104 shares of the company’s stock, valued at $1,048,282.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.87% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Riverhead Capital Management LLC lifted its holdings in shares of Dril-Quip by 66.4% during the second quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock valued at $130,000 after purchasing an additional 1,063 shares during the last quarter. QS Investors LLC lifted its holdings in shares of Dril-Quip by 0.5% during the second quarter. QS Investors LLC now owns 2,813 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 13 shares during the last quarter. LS Investment Advisors LLC lifted its holdings in shares of Dril-Quip by 17.6% during the second quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock valued at $147,000 after purchasing an additional 450 shares during the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Dril-Quip by 64.8% during the second quarter. Flinton Capital Management LLC now owns 4,060 shares of the oil and gas company’s stock valued at $198,000 after purchasing an additional 1,596 shares during the last quarter. Finally, ING Groep NV purchased a new stake in shares of Dril-Quip during the second quarter valued at $225,000.
Dril-Quip Company Profile
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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