Dril-Quip (NYSE:DRQ) Research Coverage Started at StockNews.com

by · The Cerbat Gem

StockNews.com started coverage on shares of Dril-Quip (NYSE:DRQ – Free Report) in a research report released on Thursday. The brokerage issued a sell rating on the oil and gas company’s stock.

Dril-Quip Price Performance

Shares of Dril-Quip stock opened at $15.41 on Thursday. The firm’s fifty day simple moving average is $16.03 and its 200-day simple moving average is $18.82. The stock has a market capitalization of $530.41 million, a price-to-earnings ratio of -24.08 and a beta of 0.84. Dril-Quip has a 12 month low of $14.07 and a 12 month high of $30.93.

Dril-Quip (NYSE:DRQ – Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.07). Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.49%. The firm had revenue of $120.34 million during the quarter, compared to analysts’ expectations of $118.85 million. During the same quarter last year, the business earned ($0.03) earnings per share. The business’s quarterly revenue was up 34.3% on a year-over-year basis. Analysts anticipate that Dril-Quip will post 0.45 earnings per share for the current year.

Insider Buying and Selling

In other Dril-Quip news, VP James C. Webster sold 6,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. Following the sale, the vice president now owns 56,735 shares of the company’s stock, valued at $832,302.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Dril-Quip

Several institutional investors and hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new position in Dril-Quip during the second quarter worth approximately $575,000. Brandes Investment Partners LP raised its stake in Dril-Quip by 29.6% during the second quarter. Brandes Investment Partners LP now owns 3,732,716 shares of the oil and gas company’s stock worth $69,408,000 after purchasing an additional 852,035 shares during the period. Creative Planning acquired a new stake in shares of Dril-Quip in the second quarter worth $308,000. Algert Global LLC increased its position in shares of Dril-Quip by 177.4% in the second quarter. Algert Global LLC now owns 118,004 shares of the oil and gas company’s stock worth $2,195,000 after acquiring an additional 75,464 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Dril-Quip by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 13,619 shares of the oil and gas company’s stock worth $253,000 after acquiring an additional 841 shares in the last quarter.

About Dril-Quip

(Get Free Report)

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company’s principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.

Read More