Dril-Quip Inc. (DRQ) Shares Down 2.8%
Dril-Quip Inc. (NYSE:DRQ) shares traded down 2.8% during mid-day trading on Friday . The company traded as low as $56.30 and last traded at $56.32, with a volume of 165,600 shares changing hands. The stock had previously closed at $57.93.
Several analysts have weighed in on the company. Simmons cut Dril-Quip from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $58.00 to $50.00 in a research report on Thursday, April 28th. Morgan Stanley reaffirmed a “hold” rating and set a $73.00 price objective on shares of Dril-Quip in a research report on Monday, August 1st. Zacks Investment Research cut Dril-Quip from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 2nd. Piper Jaffray Cos. cut Dril-Quip from an “overweight” rating to a “neutral” rating in a research report on Thursday, April 28th. Finally, Barclays PLC raised Dril-Quip from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $56.00 to $66.00 in a research report on Wednesday, April 20th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $63.33.
The firm has a market cap of $2.12 billion and a price-to-earnings ratio of 12.46. The stock’s 50-day moving average is $56.93 and its 200-day moving average is $58.19.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, July 29th. The company reported $0.96 EPS for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.29. The company had revenue of $142.40 million for the quarter, compared to analysts’ expectations of $149.33 million. The business’s revenue was down 33.8% compared to the same quarter last year. During the same period last year, the business posted $1.01 earnings per share. Equities analysts anticipate that Dril-Quip Inc. will post $2.75 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Dril-Quip stock. Comerica Bank increased its position in Dril-Quip Inc. (NYSE:DRQ) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,658 shares of the company’s stock after buying an additional 409 shares during the period. Comerica Bank owned 0.08% of Dril-Quip worth $1,615,000 at the end of the most recent reporting period.
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.