New York State Common Retirement Fund decreased its position in shares of Dril-Quip, Inc. (NYSE:DRQ) by 31.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,835 shares of the oil and gas company’s stock after selling 41,201 shares during the period. New York State Common Retirement Fund owned approximately 0.23% of Dril-Quip worth $4,286,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DRQ. BlackRock Inc. increased its holdings 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 worth $195,368,000 after buying an additional 3,540,338 shares during the period. UBS Group AG increased its holdings in shares of Dril-Quip by 2.7% in the first quarter. UBS Group AG now owns 38,635 shares of the oil and gas company’s stock worth $2,108,000 after buying an additional 1,002 shares during the period. Engineers Gate Manager LP purchased a new position in Dril-Quip during the 2nd quarter valued at about $3,652,000. State Street Corp increased its holdings in Dril-Quip by 2.7% during the 1st quarter. State Street Corp now owns 1,180,848 shares of the oil and gas company’s stock valued at $64,416,000 after purchasing an additional 31,362 shares during the period. Finally, American Century Companies Inc. increased its holdings in Dril-Quip by 0.5% during the 2nd quarter. American Century Companies Inc. now owns 879,376 shares of the oil and gas company’s stock valued at $42,914,000 after purchasing an additional 3,963 shares during the period.
In other news, VP James C. Webster sold 2,000 shares of Dril-Quip stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $43.49, for a total transaction of $86,980.00. Following the completion of the sale, the vice president now directly owns 24,104 shares in the company, valued at $1,048,282.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.87% of the company’s stock.
Dril-Quip, Inc. (NYSE:DRQ) opened at 39.00 on Friday. The company has a 50-day moving average of $42.66 and a 200-day moving average of $46.68. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 72.49 and a beta of 0.70. Dril-Quip, Inc. has a one year low of $35.85 and a one year high of $69.40.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Wednesday, October 25th. The oil and gas company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. The company had revenue of $100.35 million during the quarter, compared to the consensus estimate of $106.74 million. During the same period last year, the firm earned $0.63 earnings per share. Dril-Quip’s revenue was down 18.8% compared to the same quarter last year. On average, equities analysts forecast that Dril-Quip, Inc. will post $0.09 EPS for the current fiscal year.
A number of research analysts recently issued reports on the company. Gabelli assumed coverage on Dril-Quip in a report on Friday, October 20th. They set a “hold” rating and a $43.00 price target on the stock. FBR & Co upgraded Dril-Quip from a “neutral” rating to a “buy” rating and boosted their price target for the company from $49.00 to $55.00 in a report on Tuesday, October 10th. BidaskClub cut Dril-Quip from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Cowen and Company cut their price objective on Dril-Quip from $55.00 to $43.00 and set a “market perform” rating on the stock in a research report on Monday, July 31st. Finally, Scotiabank set a $61.00 price objective on Dril-Quip and gave the company a “hold” rating in a research report on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $52.50.
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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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