Dril-Quip, Inc. (DRQ) Shares Sold by Tocqueville Asset Management L.P.
Tocqueville Asset Management L.P. reduced its stake in Dril-Quip, Inc. (NYSE:DRQ) by 55.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 88,119 shares of the oil and gas company’s stock after selling 109,810 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.23% of Dril-Quip worth $4,300,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in DRQ. OLD National Bancorp IN acquired a new stake in shares of Dril-Quip during the first quarter valued at about $456,000. Value Holdings Management CO. LLC increased its stake in shares of Dril-Quip by 36.8% in the first quarter. Value Holdings Management CO. LLC now owns 130,870 shares of the oil and gas company’s stock valued at $7,682,000 after buying an additional 35,170 shares in the last quarter. Great West Life Assurance Co. Can increased its stake in shares of Dril-Quip by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 23,338 shares of the oil and gas company’s stock valued at $1,272,000 after buying an additional 1,405 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Dril-Quip by 8.7% in the first quarter. Canada Pension Plan Investment Board now owns 13,800 shares of the oil and gas company’s stock valued at $753,000 after buying an additional 1,100 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Dril-Quip by 8.1% in the first quarter. Wells Fargo & Company MN now owns 592,415 shares of the oil and gas company’s stock valued at $32,317,000 after buying an additional 44,470 shares in the last quarter.
Shares of Dril-Quip, Inc. (NYSE DRQ) opened at 36.20 on Friday. The stock’s 50 day moving average price is $44.65 and its 200-day moving average price is $51.57. The stock has a market capitalization of $1.37 billion, a P/E ratio of 67.29 and a beta of 0.63. Dril-Quip, Inc. has a 1-year low of $35.85 and a 1-year high of $69.40.
Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.06. The company had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $112.12 million. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. Dril-Quip’s revenue was down 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.96 EPS. Equities research analysts anticipate that Dril-Quip, Inc. will post $0.11 EPS for the current fiscal year.
Several brokerages recently issued reports on DRQ. BidaskClub raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Barclays PLC downgraded Dril-Quip from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $77.00 to $57.00 in a research note on Monday, May 1st. Zacks Investment Research raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Cowen and Company cut their price target on Dril-Quip from $55.00 to $43.00 and set a “market perform” rating for the company in a research note on Monday, July 31st. Finally, Piper Jaffray Companies set a $43.00 price target on Dril-Quip and gave the stock a “hold” rating in a research note on Saturday, July 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $56.00.
Dril-Quip, Inc (Dril-Quip) designs, manufactures, sells and services engineered drilling and production equipment. The Company’s operations are organized into three geographic segments: Western Hemisphere, including North and South America, headquartered in Houston, Texas; Eastern Hemisphere, including Europe and Africa, headquartered in Aberdeen, Scotland, and Asia-Pacific, including the Pacific Rim, Southeast Asia, Australia, India and the Middle East, headquartered in Singapore.
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