Dril-Quip (NYSE:DRQ) Issues Earnings Results

Dril-Quip (NYSE:DRQ) posted its earnings results on Thursday. The oil and gas company reported ($0.62) earnings per share for the quarter, reports. The business had revenue of $110.30 million during the quarter. Dril-Quip had a negative return on equity of 2.96% and a negative net margin of 4.89%.

Dril-Quip Stock Up 0.3 %

DRQ opened at $18.60 on Friday. The firm has a market cap of $640.21 million, a PE ratio of -29.06 and a beta of 0.90. The business has a fifty day simple moving average of $22.01 and a 200-day simple moving average of $22.08. Dril-Quip has a fifty-two week low of $17.80 and a fifty-two week high of $30.93.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on DRQ shares. StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a report on Friday, March 15th. Barclays lowered their target price on Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Thursday, February 29th. Finally, Evercore ISI lowered their target price on Dril-Quip from $44.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 28th.

Insider Activity

In related news, VP James C. Webster sold 4,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $23.16, for a total transaction of $92,640.00. Following the sale, the vice president now owns 62,735 shares in the company, valued at approximately $1,452,942.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Jeffrey J. Bird sold 7,500 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.14, for a total value of $173,550.00. Following the completion of the sale, the chief executive officer now directly owns 155,327 shares in the company, valued at $3,594,266.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James C. Webster sold 4,000 shares of Dril-Quip stock in a transaction on Monday, April 1st. The shares were sold at an average price of $23.16, for a total transaction of $92,640.00. Following the completion of the transaction, the vice president now directly owns 62,735 shares in the company, valued at $1,452,942.60. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Dril-Quip

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Brandes Investment Partners LP raised its holdings in shares of Dril-Quip by 36.8% during the 3rd quarter. Brandes Investment Partners LP now owns 2,206,515 shares of the oil and gas company’s stock worth $62,158,000 after buying an additional 593,982 shares in the last quarter. Ranger Investment Management L.P. grew its holdings in shares of Dril-Quip by 365.7% during the third quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock valued at $19,653,000 after buying an additional 547,859 shares during the last quarter. Bank of New York Mellon Corp raised its position in Dril-Quip by 27.3% in the third quarter. Bank of New York Mellon Corp now owns 1,363,507 shares of the oil and gas company’s stock worth $38,410,000 after acquiring an additional 292,521 shares during the period. Victory Capital Management Inc. grew its stake in shares of Dril-Quip by 521.2% in the 3rd quarter. Victory Capital Management Inc. now owns 182,682 shares of the oil and gas company’s stock worth $5,146,000 after buying an additional 153,274 shares in the last quarter. Finally, Gamco Investors INC. ET AL raised its holdings in shares of Dril-Quip by 7.3% in the 4th quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock valued at $49,259,000 after purchasing an additional 144,916 shares in the last quarter.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.