Shares of Dril-Quip, Inc. (NYSE:DRQ) were down 4.4% during trading on Monday after BidaskClub downgraded the stock from a sell rating to a strong sell rating. The company traded as low as $45.35 and last traded at $43.40, with a volume of 498,215 shares. The stock had previously closed at $45.40.
A number of other analysts also recently commented on the company. Barclays PLC downgraded Dril-Quip from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $77.00 to $57.00 in a report on Monday, May 1st. Zacks Investment Research upgraded Dril-Quip from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Piper Jaffray Companies set a $43.00 price objective on Dril-Quip and gave the stock a “hold” rating in a report on Saturday, July 29th. Cowen and Company dropped 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. Finally, Scotiabank set a $61.00 price objective on Dril-Quip and gave the stock a “hold” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and one has given a buy rating to the company’s stock. Dril-Quip currently has a consensus rating of “Hold” and an average target price of $56.00.
A number of hedge funds have recently made changes to their positions in DRQ. UBS Asset Management Americas Inc. boosted its stake in shares of Dril-Quip by 34.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 70,840 shares of the oil and gas company’s stock worth $4,253,000 after buying an additional 18,059 shares during the period. Bank of Montreal Can boosted its stake in shares of Dril-Quip by 38.4% in the first quarter. Bank of Montreal Can now owns 22,424 shares of the oil and gas company’s stock worth $1,223,000 after buying an additional 6,217 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Dril-Quip by 2.2% in the first quarter. Louisiana State Employees Retirement System now owns 9,500 shares of the oil and gas company’s stock worth $518,000 after buying an additional 200 shares during the period. Legato Capital Management LLC boosted its stake in shares of Dril-Quip by 5,354.9% in the first quarter. Legato Capital Management LLC now owns 23,947 shares of the oil and gas company’s stock worth $439,000 after buying an additional 23,508 shares during the period. Finally, Huntington National Bank boosted its stake in shares of Dril-Quip by 87.8% in the first quarter. Huntington National Bank now owns 3,080 shares of the oil and gas company’s stock worth $168,000 after buying an additional 1,440 shares during the period.
The firm has a market capitalization of $1.55 billion, a PE ratio of 76.12 and a beta of 0.63. The firm has a 50 day moving average price of $47.71 and a 200 day moving average price of $53.32.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. The business had revenue of $127.90 million for the quarter, compared to the consensus estimate of $112.12 million. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. Dril-Quip’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.96 EPS. Equities analysts anticipate that Dril-Quip, Inc. will post $0.10 earnings per share for the current year.
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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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