Dril-Quip Inc. (DRQ) Sees Unusually-High Trading Volume
Dril-Quip Inc. (NYSE:DRQ) shares saw strong trading volume on Wednesday . 874,917 shares changed hands during mid-day trading, an increase of 103% from the previous session’s volume of 432,015 shares.The stock last traded at $56.83 and had previously closed at $56.54.
A number of equities research analysts have commented on the company. Simmons downgraded Dril-Quip from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $58.00 to $50.00 in a report on Thursday, April 28th. Piper Jaffray Cos. downgraded Dril-Quip from an “overweight” rating to a “neutral” rating in a report on Thursday, April 28th. Barclays PLC raised Dril-Quip from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $56.00 to $66.00 in a report on Wednesday, April 20th. JPMorgan Chase & Co. assumed coverage on Dril-Quip in a report on Wednesday, June 22nd. They issued a “neutral” rating and a $53.00 target price for the company. Finally, Howard Weil reduced their target price on Dril-Quip to $62.00 in a report on Monday, March 28th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have issued a buy rating to the company. Dril-Quip presently has an average rating of “Hold” and an average price target of $64.87.
The company’s 50 day moving average is $60.25 and its 200-day moving average is $58.23. The firm has a market capitalization of $2.16 billion and a P/E ratio of 12.43.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Tuesday, April 26th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.14. The business earned $166.60 million during the quarter, compared to the consensus estimate of $167.40 million. The company’s revenue for the quarter was down 26.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.38 EPS. On average, equities analysts forecast that Dril-Quip Inc. will post $2.59 earnings per share for the current fiscal year.
A number of hedge funds and institutional investors have recently made changes to their positions in the stock. Morgan Stanley boosted its position in shares of Dril-Quip by 42.3% in the fourth quarter. Morgan Stanley now owns 38,415 shares of the company’s stock valued at $2,275,000 after buying an additional 11,412 shares in the last quarter. Liberty Mutual Group Asset Management Inc. boosted its position in shares of Dril-Quip by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 24,943 shares of the company’s stock valued at $1,477,000 after buying an additional 8,464 shares in the last quarter. Boston Partners purchased a new position in shares of Dril-Quip during the fourth quarter valued at $9,199,000. Old Mutual Global Investors UK Ltd. boosted its position in shares of Dril-Quip by 41.2% in the fourth quarter. Old Mutual Global Investors UK Ltd. now owns 193,006 shares of the company’s stock valued at $11,431,000 after buying an additional 56,302 shares in the last quarter. Finally, Energy Opportunities Capital Management LLC boosted its position in shares of Dril-Quip by 38.5% in the fourth quarter. Energy Opportunities Capital Management LLC now owns 218,807 shares of the company’s stock valued at $12,960,000 after buying an additional 60,795 shares in 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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