Dril-Quip, Inc. (NYSE:DRQ) insider Blake T. Deberry sold 15,970 shares of the business’s stock in a transaction on Monday, October 29th. The stock was sold at an average price of $41.54, for a total value of $663,393.80. Following the sale, the insider now owns 142,377 shares in the company, valued at approximately $5,914,340.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Shares of NYSE:DRQ traded up $0.14 during midday trading on Thursday, reaching $40.62. The company’s stock had a trading volume of 297,289 shares, compared to its average volume of 447,579. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 156.23 and a beta of 1.07. Dril-Quip, Inc. has a fifty-two week low of $38.40 and a fifty-two week high of $58.95.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Thursday, October 25th. The oil and gas company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. The company had revenue of $93.26 million for the quarter, compared to the consensus estimate of $85.96 million. Dril-Quip had a negative return on equity of 1.95% and a negative net margin of 23.34%. Research analysts predict that Dril-Quip, Inc. will post -0.79 EPS for the current fiscal year.
Dril-Quip declared that its Board of Directors has initiated a share repurchase plan 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 purchase up to 4.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Large investors have recently made changes to their positions in the company. Guggenheim Capital LLC increased its position in Dril-Quip by 11.3% in the 1st quarter. Guggenheim Capital LLC now owns 44,172 shares of the oil and gas company’s stock valued at $1,980,000 after buying an additional 4,479 shares in the last quarter. Legal & General Group Plc increased its position in Dril-Quip by 47.1% in the 1st quarter. Legal & General Group Plc now owns 58,331 shares of the oil and gas company’s stock valued at $2,613,000 after buying an additional 18,685 shares in the last quarter. Royal Bank of Canada increased its position in Dril-Quip by 9.8% in the 1st quarter. Royal Bank of Canada now owns 28,588 shares of the oil and gas company’s stock valued at $1,281,000 after buying an additional 2,556 shares in the last quarter. Fisher Asset Management LLC increased its position in Dril-Quip by 46.9% in the 2nd quarter. Fisher Asset Management LLC now owns 1,085,527 shares of the oil and gas company’s stock valued at $55,796,000 after buying an additional 346,745 shares in the last quarter. Finally, Unison Advisors LLC bought a new stake in Dril-Quip in the 2nd quarter valued at about $229,000.
A number of brokerages recently weighed in on DRQ. Zacks Investment Research restated a “hold” rating on shares of Dril-Quip in a research report on Tuesday, November 13th. ValuEngine lowered Dril-Quip from a “buy” rating to a “hold” rating in a research report on Thursday, November 1st. Barclays lowered Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price objective on the stock. in a research report on Tuesday, July 31st. Piper Jaffray Companies set a $40.00 target price on Dril-Quip and gave the stock a “hold” rating in a report on Friday, July 27th. Finally, Morgan Stanley initiated coverage on Dril-Quip in a report on Tuesday, September 18th. They set an “underweight” rating and a $50.00 target price on the stock. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $48.50.
Dril-Quip Company Profile
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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