Dril-Quip Inc. (DRQ) Shares Bought by Teacher Retirement System of Texas
Teacher Retirement System of Texas boosted its position in shares of Dril-Quip Inc. (NYSE:DRQ) by 13.5% during the second quarter, according to its most recent filing with the SEC. The fund owned 5,367 shares of the company’s stock after buying an additional 640 shares during the period. Teacher Retirement System of Texas’ holdings in Dril-Quip were worth $314,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Kayne Anderson Rudnick Investment Management LLC boosted its position in Dril-Quip by 23.8% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,615,949 shares of the company’s stock worth $94,420,000 after buying an additional 310,435 shares in the last quarter. Commerce Bank boosted its position in Dril-Quip by 0.5% in the second quarter. Commerce Bank now owns 5,135 shares of the company’s stock worth $300,000 after buying an additional 25 shares in the last quarter. Wesbanco Bank Inc. boosted its position in Dril-Quip by 78.3% in the second quarter. Wesbanco Bank Inc. now owns 6,315 shares of the company’s stock worth $369,000 after buying an additional 2,773 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in Dril-Quip by 72.1% in the second quarter. UBS Asset Management Americas Inc. now owns 49,695 shares of the company’s stock worth $2,904,000 after buying an additional 20,817 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in Dril-Quip by 3.4% in the second quarter. Nationwide Fund Advisors now owns 136,189 shares of the company’s stock worth $7,958,000 after buying an additional 4,418 shares in the last quarter.
Shares of Dril-Quip Inc. (NYSE:DRQ) opened at 55.85 on Friday. Dril-Quip Inc. has a one year low of $48.88 and a one year high of $66.91. The firm has a 50-day moving average of $54.52 and a 200 day moving average of $58.04. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 12.34 and a beta of 0.77.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 29th. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.29. The firm had revenue of $142.40 million for the quarter, compared to analysts’ expectations of $149.33 million. Dril-Quip had a net margin of 24.16% and a return on equity of 10.92%. The business’s revenue was down 33.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.01 EPS. On average, equities research analysts predict that Dril-Quip Inc. will post $2.17 EPS for the current year.
A number of research firms recently commented on DRQ. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 2nd. Morgan Stanley reaffirmed a “hold” rating and set a $73.00 price objective on shares of Dril-Quip in a research note on Monday, August 1st. Scotiabank reaffirmed a “sector perform” rating and set a $67.00 price objective (down from $72.00) on shares of Dril-Quip in a research note on Sunday, July 31st. Howard Weil reduced their price objective on Dril-Quip from $72.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. initiated coverage on Dril-Quip in a research note on Wednesday, June 22nd. They set a “neutral” rating and a $53.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $63.33.
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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