Dril-Quip, Inc. (DRQ) Expected to Post Quarterly Sales of $102.46 Million
Wall Street brokerages expect Dril-Quip, Inc. (NYSE:DRQ) to announce $102.46 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Dril-Quip’s earnings, with estimates ranging from $97.50 million to $106.37 million. Dril-Quip posted sales of $106.09 million in the same quarter last year, which suggests a negative year-over-year growth rate of 3.4%. The company is expected to issue its next quarterly earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Dril-Quip will report full-year sales of $102.46 million for the current financial year, with estimates ranging from $445.00 million to $455.30 million. For the next year, analysts expect that the company will report sales of $396.61 million per share, with estimates ranging from $375.10 million to $420.20 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Dril-Quip.
Dril-Quip (NYSE:DRQ) last posted its earnings results on Friday, October 27th. The oil and gas company reported $0.05 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.06. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The company had revenue of $100.35 million for the quarter, compared to the consensus estimate of $106.74 million. During the same quarter in the prior year, the business earned $0.63 earnings per share. The firm’s revenue for the quarter was down 18.8% on a year-over-year basis.
Several equities analysts have recently commented on DRQ shares. B. Riley reaffirmed a “buy” rating on shares of Dril-Quip in a research report on Wednesday, November 1st. Zacks Investment Research raised Dril-Quip from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Wednesday, November 1st. FBR & Co raised Dril-Quip from a “neutral” rating to a “buy” rating and increased their price target for the stock from $49.00 to $55.00 in a research report on Tuesday, October 10th. TheStreet downgraded Dril-Quip from a “c” rating to a “d+” rating in a research report on Friday, October 27th. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $38.00 price target on shares of Dril-Quip in a research report on Friday, November 10th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Dril-Quip has a consensus rating of “Hold” and a consensus price target of $49.43.
In other Dril-Quip news, insider Blake T. Deberry sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $44.66, for a total transaction of $446,600.00. Following the completion of the sale, the insider now directly owns 126,208 shares in the company, valued at $5,636,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director A P. Shukis sold 613 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $42.80, for a total value of $26,236.40. Following the sale, the director now owns 12,282 shares of the company’s stock, valued at $525,669.60. The disclosure for this sale can be found here. Insiders have sold 45,662 shares of company stock worth $1,927,019 in the last three months. 0.87% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Shell Asset Management Co. bought a new stake in Dril-Quip during the third quarter worth $1,742,000. Nordea Investment Management AB lifted its stake in Dril-Quip by 51.8% during the third quarter. Nordea Investment Management AB now owns 54,931 shares of the oil and gas company’s stock worth $2,425,000 after purchasing an additional 18,739 shares during the last quarter. BlackRock Inc. lifted its stake in Dril-Quip by 17.9% during the second quarter. BlackRock Inc. now owns 4,221,751 shares of the oil and gas company’s stock worth $206,022,000 after purchasing an additional 640,319 shares during the last quarter. State Street Corp lifted its stake in Dril-Quip by 22.0% during the second quarter. State Street Corp now owns 1,441,200 shares of the oil and gas company’s stock worth $70,327,000 after purchasing an additional 260,352 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Dril-Quip by 119.7% during the second quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock worth $50,851,000 after purchasing an additional 567,821 shares during the last quarter.
Dril-Quip (NYSE:DRQ) opened at $54.35 on Friday. Dril-Quip has a 12-month low of $35.85 and a 12-month high of $67.95. The company has a market capitalization of $2,060.00, a P/E ratio of -73.45 and a beta of 0.74.
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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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