Dril-Quip (NYSE:DRQ) had its target price trimmed by Barclays from $41.00 to $39.00 in a report issued on Monday, October 29th. The brokerage currently has a sell rating on the oil and gas company’s stock.
A number of other analysts have also recently issued reports on the company. Morgan Stanley started coverage on Dril-Quip in a report on Tuesday, September 18th. They set an underweight rating and a $50.00 price objective on the stock. Zacks Investment Research cut Dril-Quip from a hold rating to a strong sell rating in a report on Wednesday, September 19th. Piper Jaffray Companies set a $40.00 price target on Dril-Quip and gave the company a hold rating in a report on Friday, July 27th. B. Riley cut Dril-Quip from a buy rating to a neutral rating and raised their price target for the company from $50.00 to $58.00 in a report on Friday, July 20th. Finally, ValuEngine raised Dril-Quip from a hold rating to a buy rating in a report on Wednesday, July 4th. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock currently has a consensus rating of Hold and an average price target of $48.50.
Shares of NYSE DRQ traded up $0.14 during trading on Monday, reaching $40.62. 297,289 shares of the stock traded hands, compared to its average volume of 447,579. The stock has a market capitalization of $1.45 billion, a PE ratio of 156.23 and a beta of 1.07. Dril-Quip has a 52-week low of $38.40 and a 52-week high of $58.95.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01. The business had revenue of $93.26 million for the quarter, compared to analysts’ expectations of $85.96 million. Dril-Quip had a negative return on equity of 1.95% and a negative net margin of 23.34%. As a group, research analysts forecast that Dril-Quip will post -0.79 earnings per share for the current fiscal year.
Dril-Quip declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 26th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 4.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.
In other news, CFO Jeffrey J. Bird sold 3,190 shares of the stock in a transaction dated Monday, October 29th. The stock was sold at an average price of $41.54, for a total transaction of $132,512.60. Following the transaction, the chief financial officer now directly owns 31,231 shares in the company, valued at approximately $1,297,335.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey J. Bird sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $52.35, for a total value of $52,350.00. Following the transaction, the vice president now owns 20,788 shares in the company, valued at $1,088,251.80. The disclosure for this sale can be found here. Insiders have sold a total of 42,600 shares of company stock worth $1,802,081 over the last quarter. Corporate insiders own 1.10% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Fisher Asset Management LLC grew its position in shares of Dril-Quip by 55.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,684,741 shares of the oil and gas company’s stock worth $88,028,000 after buying an additional 599,214 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Dril-Quip by 328.6% in the 2nd quarter. Millennium Management LLC now owns 328,349 shares of the oil and gas company’s stock valued at $16,877,000 after purchasing an additional 251,734 shares during the period. BlackRock Inc. lifted its stake in shares of Dril-Quip by 4.8% in the 2nd quarter. BlackRock Inc. now owns 4,352,976 shares of the oil and gas company’s stock valued at $223,743,000 after purchasing an additional 200,893 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Dril-Quip by 9.1% in the 3rd quarter. Alliancebernstein L.P. now owns 2,200,795 shares of the oil and gas company’s stock valued at $114,992,000 after purchasing an additional 183,841 shares during the period. Finally, Waddell & Reed Financial Inc. purchased a new position in shares of Dril-Quip in the 2nd quarter valued at approximately $9,249,000.
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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