Jennison Associates LLC cut its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 211,578 shares of the oil and gas company’s stock after selling 17,246 shares during the period. Jennison Associates LLC owned 0.56% of Dril-Quip worth $10,325,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Investment Management Company LLC increased its position in shares of Dril-Quip by 0.6% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 6,515 shares of the oil and gas company’s stock worth $355,000 after buying an additional 38 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its position in shares of Dril-Quip by 0.3% in the first quarter. Metropolitan Life Insurance Co. NY now owns 35,235 shares of the oil and gas company’s stock worth $1,922,000 after buying an additional 114 shares during the last quarter. Advantus Capital Management Inc increased its position in shares of Dril-Quip by 3.6% in the first quarter. Advantus Capital Management Inc now owns 4,840 shares of the oil and gas company’s stock worth $264,000 after buying an additional 170 shares during the last quarter. Amalgamated Bank increased its position in shares of Dril-Quip by 3.0% in the first quarter. Amalgamated Bank now owns 5,989 shares of the oil and gas company’s stock worth $327,000 after buying an additional 176 shares during the last quarter. Finally, Commerce Bank increased its position in shares of Dril-Quip by 4.1% in the first quarter. Commerce Bank now owns 4,970 shares of the oil and gas company’s stock worth $271,000 after buying an additional 195 shares during the last quarter.
Dril-Quip, Inc. (DRQ) opened at 36.90 on Monday. Dril-Quip, Inc. has a 12 month low of $35.85 and a 12 month high of $69.40. The firm has a 50-day moving average price of $44.36 and a 200 day moving average price of $51.38. The company has a market capitalization of $1.40 billion, a P/E ratio of 68.59 and a beta of 0.63.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.06. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The firm had revenue of $127.90 million for the quarter, compared to the consensus estimate of $112.12 million. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s revenue was down 10.2% compared to the same quarter last year. Analysts expect that Dril-Quip, Inc. will post $0.11 EPS for the current year.
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A number of research analysts recently weighed in on the company. BidaskClub raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Zacks Investment Research raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Piper Jaffray Companies set a $43.00 price objective on Dril-Quip and gave the company a “hold” rating in a research note on Saturday, July 29th. Scotiabank set a $61.00 price objective on Dril-Quip and gave the company a “hold” rating in a research note on Monday, July 31st. Finally, Barclays PLC downgraded Dril-Quip from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $77.00 to $57.00 in a research note on Monday, May 1st. 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. The company has a consensus rating of “Hold” and a consensus target price of $56.00.
About Dril-Quip
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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