Dril-Quip, Inc. (DRQ) Stake Raised by Gabelli Funds LLC
Gabelli Funds LLC lifted its stake in shares of Dril-Quip, Inc. (NYSE:DRQ) by 92.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,000 shares of the oil and gas company’s stock after purchasing an additional 23,500 shares during the period. Gabelli Funds LLC owned approximately 0.13% of Dril-Quip worth $2,163,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in DRQ. BlackRock Inc. raised its position in shares of Dril-Quip by 8,615.2% during the first quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock worth $195,368,000 after purchasing an additional 3,540,338 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Dril-Quip by 27.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,139,752 shares of the oil and gas company’s stock worth $153,221,000 after purchasing an additional 684,559 shares during the period. Northern Trust Corp raised its position in shares of Dril-Quip by 119.7% during the second quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock worth $50,851,000 after purchasing an additional 567,821 shares during the period. Janus Henderson Group PLC raised its position in shares of Dril-Quip by 269.0% during the second quarter. Janus Henderson Group PLC now owns 637,160 shares of the oil and gas company’s stock worth $31,093,000 after purchasing an additional 464,501 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Dril-Quip by 1,074.1% during the second quarter. Alliancebernstein L.P. now owns 329,283 shares of the oil and gas company’s stock worth $16,069,000 after purchasing an additional 301,237 shares during the period.
Several research analysts recently weighed in on the company. B. Riley reissued a “buy” rating on shares of Dril-Quip in a research report on Wednesday, November 1st. Piper Jaffray Companies reissued a “hold” rating and set a $38.00 price target on shares of Dril-Quip in a research report on Friday. Cowen and Company reissued a “market perform” rating and set a $39.00 price target (down from $43.00) on shares of Dril-Quip in a research report on Monday, October 30th. Wolfe Research raised Dril-Quip from an “underperform” rating to a “market perform” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research lowered Dril-Quip from a “buy” rating to a “hold” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $49.88.
In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the 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 transaction, the vice president now directly owns 24,104 shares in the company, valued at approximately $1,048,282.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jeffrey J. Bird sold 1,931 shares of the stock in a transaction on Monday, October 30th. The shares were sold at an average price of $41.49, for a total value of $80,117.19. Following the completion of the transaction, the chief financial officer now owns 24,719 shares in the company, valued at $1,025,591.31. The disclosure for this sale can be found here. Insiders have sold a total of 37,662 shares of company stock valued at $1,567,399 over the last ninety days. Insiders own 0.87% of the company’s stock.
Shares of Dril-Quip, Inc. (NYSE DRQ) opened at $45.80 on Tuesday. Dril-Quip, Inc. has a twelve month low of $35.85 and a twelve month high of $69.40. The firm has a market capitalization of $1,730.00, a price-to-earnings ratio of 110.12 and a beta of 0.68.
Dril-Quip (NYSE:DRQ) last released its quarterly earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.06. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The firm had revenue of $100.35 million during the quarter, compared to analysts’ expectations of $106.74 million. During the same period last year, the firm posted $0.63 EPS. The business’s revenue was down 18.8% on a year-over-year basis. equities research analysts predict that Dril-Quip, Inc. will post 0.18 EPS for the current year.
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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