Dril-Quip Inc. (NYSE:DRQ) shares were down 2.8% during mid-day trading on Friday . The stock traded as low as $56.30 and last traded at $56.32, with a volume of 165,600 shares. The stock had previously closed at $57.93.

Several research analysts recently issued reports on DRQ shares. Morgan Stanley raised their target price on shares of Dril-Quip from $66.00 to $73.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 19th. Barclays PLC upgraded shares of Dril-Quip from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $56.00 to $66.00 in a research report on Wednesday, April 20th. Cowen and Company raised their price target on shares of Dril-Quip from $48.00 to $60.00 and gave the company a “market perform” rating in a research report on Wednesday, April 27th. Piper Jaffray Cos. lowered shares of Dril-Quip from an “overweight” rating to a “neutral” rating in a research report on Thursday, April 28th. Finally, Simmons lowered shares of Dril-Quip from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $58.00 to $50.00 in a research report on Thursday, April 28th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. Dril-Quip presently has a consensus rating of “Hold” and an average target price of $63.33.

The stock has a market capitalization of $2.12 billion and a P/E ratio of 12.46. The company has a 50-day moving average of $57.08 and a 200-day moving average of $58.17.

Dril-Quip (NYSE:DRQ) last released its earnings results on Friday, July 29th. The company reported $0.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.29. The company earned $142.40 million during the quarter, compared to analyst estimates of $149.33 million. During the same period in the prior year, the business posted $1.01 earnings per share. Dril-Quip’s revenue was down 33.8% on a year-over-year basis. On average, equities analysts forecast that Dril-Quip Inc. will post $2.75 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the stock. Comerica Bank raised its stake in Dril-Quip by 1.4% in the fourth quarter. Comerica Bank now owns 29,658 shares of the company’s stock worth $1,615,000 after buying an additional 409 shares in the last quarter. Principal Financial Group Inc. increased its stake in Dril-Quip by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 124,476 shares of the company’s stock worth $7,373,000 after buying an additional 2,736 shares during the last quarter. Marshall Wace LLP increased its stake in Dril-Quip by 359.9% in the fourth quarter. Marshall Wace LLP now owns 169,350 shares of the company’s stock worth $10,030,000 after buying an additional 132,530 shares during the last quarter. Foresters Investment Management Company Inc. increased its stake in Dril-Quip by 139.4% in the fourth quarter. Foresters Investment Management Company Inc. now owns 79,850 shares of the company’s stock worth $4,730,000 after buying an additional 46,500 shares during the last quarter. Finally, BlackRock Advisors LLC increased its stake in Dril-Quip by 78.0% in the fourth quarter. BlackRock Advisors LLC now owns 169,632 shares of the company’s stock worth $10,047,000 after buying an additional 74,307 shares during the last quarter.

Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered offshore drilling and production equipment. The Company’s principal products consist of subsea and surface wellheads, subsea and surface production trees, subsea control systems and manifolds, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, liner hangers, wellhead connectors and diverters.

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