Dril-Quip Inc. (DRQ) Trading 5.3% Higher
Dril-Quip Inc. (NYSE:DRQ)’s share price traded up 5.3% during trading on Tuesday . The company traded as high as $59.76 and last traded at $59.53, with a volume of 175,765 shares trading hands. The stock had previously closed at $56.56.
A number of equities analysts recently commented on the company. Simmons downgraded Dril-Quip from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $58.00 to $50.00 in a report on Thursday, April 28th. Piper Jaffray Cos. cut Dril-Quip from an “overweight” rating to a “neutral” rating in a research note on Thursday, April 28th. Morgan Stanley upped their price target on Dril-Quip from $66.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 19th. Barclays PLC raised Dril-Quip from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $56.00 to $66.00 in a research note on Wednesday, April 20th. Finally, Cowen and Company upped their price target on Dril-Quip from $48.00 to $60.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 27th. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $64.87.
The company’s 50 day moving average is $59.99 and its 200-day moving average is $58.14. The firm has a market cap of $2.23 billion and a P/E ratio of 12.87.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Tuesday, April 26th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.14. The business had revenue of $166.60 million for the quarter, compared to the consensus estimate of $167.40 million. During the same period in the prior year, the business posted $1.38 earnings per share. Dril-Quip’s revenue was down 26.3% on a year-over-year basis. Equities analysts predict that Dril-Quip Inc. will post $2.59 EPS for the current fiscal year.
Other large investors have modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of 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 in the last quarter. Ameritas Investment Partners Inc. raised its stake in shares of Dril-Quip by 210.2% in the fourth quarter. Ameritas Investment Partners Inc. now owns 18,003 shares of the company’s stock worth $1,066,000 after buying an additional 12,200 shares during the period. Morgan Stanley raised its stake in shares of Dril-Quip by 42.3% in the fourth quarter. Morgan Stanley now owns 38,415 shares of the company’s stock worth $2,275,000 after buying an additional 11,412 shares during the period. Liberty Mutual Group Asset Management Inc. raised its stake 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 worth $1,477,000 after buying an additional 8,464 shares during the period. Finally, Boston Partners purchased a new stake in shares of Dril-Quip during the fourth quarter worth $9,199,000.
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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