Analysts forecast that Dril-Quip, Inc. (NYSE:DRQ) will report ($0.15) earnings per share (EPS) for the current quarter, Zacks reports. Four analysts have issued estimates for Dril-Quip’s earnings, with the lowest EPS estimate coming in at ($0.24) and the highest estimate coming in at ($0.03). Dril-Quip posted earnings of $0.05 per share in the same quarter last year, which suggests a negative year-over-year growth rate of 400%. The business is scheduled to issue its next quarterly earnings report on Friday, October 26th.

On average, analysts expect that Dril-Quip will report full year earnings of ($0.64) per share for the current year, with EPS estimates ranging from ($0.90) to ($0.38). For the next fiscal year, analysts forecast that the firm will post earnings of $0.25 per share, with EPS estimates ranging from ($0.30) to $1.35. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of analysts that cover Dril-Quip.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million during the quarter, compared to analyst estimates of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. Dril-Quip’s quarterly revenue was down 25.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.09 EPS.

Several brokerages recently commented on DRQ. Zacks Investment Research lowered Dril-Quip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 3rd. ValuEngine raised Dril-Quip from a “hold” rating to a “buy” rating in a research note on Wednesday, July 4th. B. Riley lowered Dril-Quip from a “buy” rating to a “neutral” rating and boosted their price target for the company from $50.00 to $58.00 in a research note on Friday, July 20th. Barclays lowered Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price target on the stock. in a research note on Tuesday, July 31st. Finally, Piper Jaffray Companies set a $40.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, July 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $50.25.

Shares of DRQ stock opened at $49.05 on Friday. Dril-Quip has a one year low of $37.35 and a one year high of $58.95.

Dril-Quip declared that its board has approved a share repurchase program on Thursday, July 26th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the oil and gas company to buy up to 4.7% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional investors have recently bought and sold shares of the business. First Mercantile Trust Co. boosted its stake in Dril-Quip by 94.7% in the first quarter. First Mercantile Trust Co. now owns 2,593 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 1,261 shares in the last quarter. Advisors Preferred LLC acquired a new position in Dril-Quip in the second quarter worth $135,000. Crossmark Global Holdings Inc. acquired a new position in Dril-Quip in the second quarter worth $226,000. Unison Advisors LLC acquired a new position in Dril-Quip in the second quarter worth $229,000. Finally, Tower Research Capital LLC TRC boosted its stake in Dril-Quip by 148.7% in the second quarter. Tower Research Capital LLC TRC now owns 4,529 shares of the oil and gas company’s stock worth $233,000 after purchasing an additional 2,708 shares in the last quarter.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.

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Earnings History and Estimates for Dril-Quip (NYSE:DRQ)

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