UBS Asset Management Americas Inc. Acquires 20,817 Shares of Dril-Quip Inc. (DRQ)
UBS Asset Management Americas Inc. raised its stake in Dril-Quip Inc. (NYSE:DRQ) by 72.1% during the second quarter, Holdings Channel reports. The fund owned 49,695 shares of the company’s stock after buying an additional 20,817 shares during the period. UBS Asset Management Americas Inc. owned 0.13% of Dril-Quip worth $2,904,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of DRQ. LS Investment Advisors LLC boosted its position in shares of Dril-Quip by 73.7% in the second quarter. LS Investment Advisors LLC now owns 2,281 shares of the company’s stock valued at $133,000 after buying an additional 968 shares during the last quarter. Oakbrook Investments LLC acquired a new position in shares of Dril-Quip during the second quarter valued at about $202,000. Huntington Asset Advisors Inc. acquired a new position in shares of Dril-Quip during the first quarter valued at about $212,000. Legal & General Group Plc boosted its position in shares of Dril-Quip by 2.6% in the first quarter. Legal & General Group Plc now owns 3,949 shares of the company’s stock valued at $239,000 after buying an additional 99 shares during the last quarter. Finally, BlueMountain Capital Management LLC acquired a new position in shares of Dril-Quip during the first quarter valued at about $284,000.
Shares of Dril-Quip Inc. (NYSE:DRQ) traded up 2.486% during midday trading on Wednesday, hitting $57.095. 140,635 shares of the stock were exchanged. The company has a market cap of $2.15 billion, a price-to-earnings ratio of 12.618 and a beta of 0.77. The firm has a 50 day moving average of $54.85 and a 200-day moving average of $58.17. Dril-Quip Inc. has a one year low of $48.88 and a one year high of $68.69.
Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.29. Dril-Quip had a return on equity of 10.92% and a net margin of 24.16%. The business earned $142.40 million during the quarter, compared to the consensus estimate of $149.33 million. During the same period in the previous year, the company posted $1.01 earnings per share. The business’s revenue for the quarter was down 33.8% on a year-over-year basis. Equities analysts expect that Dril-Quip Inc. will post $2.17 EPS for the current year.
A number of analysts have recently weighed in on DRQ shares. JPMorgan Chase & Co. started coverage on shares of Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 price target on the stock. Zacks Investment Research upgraded shares of Dril-Quip from a “hold” rating to a “strong-buy” rating and set a $67.00 price target on the stock in a report on Wednesday, July 20th. Scotiabank restated a “sector perform” rating and issued a $67.00 price target (down from $72.00) on shares of Dril-Quip in a report on Sunday, July 31st. Morgan Stanley restated a “hold” rating and issued a $73.00 price target on shares of Dril-Quip in a report on Monday, August 1st. Finally, Howard Weil lowered their price target on shares of Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $63.33.
Dril-Quip Company Profile
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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