$104.73 Million in Sales Expected for Dril-Quip, Inc. (DRQ) This Quarter
Analysts expect Dril-Quip, Inc. (NYSE:DRQ) to report sales of $104.73 million for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Dril-Quip’s earnings, with estimates ranging from $101.49 million to $110.60 million. Dril-Quip reported sales of $123.64 million in the same quarter last year, which indicates a negative year over year growth rate of 15.3%. The firm is scheduled to announce its next quarterly earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Dril-Quip will report full year sales of $104.73 million for the current fiscal year, with estimates ranging from $447.50 million to $476.89 million. For the next financial year, analysts anticipate that the business will post sales of $421.24 million per share, with estimates ranging from $375.10 million to $501.24 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Dril-Quip.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.06. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The firm had revenue of $127.90 million for the quarter, compared to analyst estimates of $112.12 million. During the same quarter last year, the firm posted $0.96 EPS. The business’s revenue was down 10.2% on a year-over-year basis.
Several research firms have weighed in on DRQ. FBR & Co raised Dril-Quip from a “neutral” rating to a “buy” rating and upped their target price for the company from $49.00 to $55.00 in a report on Tuesday, October 10th. Gabelli began coverage on Dril-Quip in a report on Friday. They issued a “hold” rating and a $43.00 target price on the stock. Cowen and Company set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a report on Friday, October 6th. Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the company a “hold” rating in a report on Saturday, July 29th. Finally, Scotiabank set a $61.00 target price on Dril-Quip and gave the company a “hold” rating in a report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.50.
In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $43.49, for a total value of $86,980.00. Following the sale, the vice president now owns 24,104 shares of the company’s stock, valued at $1,048,282.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.87% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of DRQ. BlackRock Inc. lifted its position in shares of Dril-Quip by 8,615.2% in the first quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock valued at $195,368,000 after acquiring an additional 3,540,338 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Dril-Quip by 27.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,139,752 shares of the oil and gas company’s stock valued at $153,221,000 after acquiring an additional 684,559 shares in the last quarter. Northern Trust Corp lifted its position in shares of Dril-Quip by 119.7% in the second quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock valued at $50,851,000 after acquiring an additional 567,821 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Dril-Quip by 269.0% in the second quarter. Janus Henderson Group PLC now owns 637,160 shares of the oil and gas company’s stock valued at $31,093,000 after acquiring an additional 464,501 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Dril-Quip by 1,074.1% in the second quarter. Alliancebernstein L.P. now owns 329,283 shares of the oil and gas company’s stock valued at $16,069,000 after acquiring an additional 301,237 shares in the last quarter.
Dril-Quip (NYSE:DRQ) opened at 40.30 on Friday. The stock’s 50 day moving average price is $42.61 and its 200-day moving average price is $47.00. Dril-Quip has a 12 month low of $35.85 and a 12 month high of $69.40. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 74.91 and a beta of 0.70.
Dril-Quip Company Profile
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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