JPMorgan Chase & Co. increased its position in Dril-Quip, Inc. (NYSE:DRQ) by 53.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 128,527 shares of the oil and gas company’s stock after acquiring an additional 44,553 shares during the quarter. JPMorgan Chase & Co.’s holdings in Dril-Quip were worth $5,758,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Stone Ridge Asset Management LLC acquired a new position in shares of Dril-Quip in the fourth quarter valued at approximately $745,000. BlackRock Inc. increased its stake in shares of Dril-Quip by 0.9% in the fourth quarter. BlackRock Inc. now owns 4,136,205 shares of the oil and gas company’s stock valued at $197,297,000 after buying an additional 36,073 shares during the period. Franklin Resources Inc. increased its stake in shares of Dril-Quip by 52.8% in the fourth quarter. Franklin Resources Inc. now owns 154,160 shares of the oil and gas company’s stock valued at $7,353,000 after buying an additional 53,300 shares during the period. MetLife Investment Advisors LLC acquired a new position in shares of Dril-Quip in the fourth quarter valued at approximately $2,007,000. Finally, Jump Trading LLC acquired a new position in shares of Dril-Quip in the fourth quarter valued at approximately $446,000.
DRQ has been the subject of several recent research reports. B. Riley reaffirmed a “buy” rating and issued a $55.00 price objective on shares of Dril-Quip in a research note on Monday, March 26th. TheStreet downgraded Dril-Quip from a “c-” rating to a “d+” rating in a research note on Tuesday, May 15th. ValuEngine raised Dril-Quip from a “sell” rating to a “hold” rating in a research note on Thursday, April 12th. Piper Jaffray Companies set a $40.00 target price on Dril-Quip and gave the company a “hold” rating in a report on Thursday, March 8th. Finally, Barclays reduced their target price on Dril-Quip from $49.00 to $41.00 and set a “hold” rating on the stock in a report on Monday, April 30th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $47.13.
In other Dril-Quip news, CFO Jeffrey J. Bird sold 1,000 shares of the stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $43.99, for a total transaction of $43,990.00. Following the transaction, the chief financial officer now directly owns 21,878 shares in the company, valued at approximately $962,413.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP James C. Webster sold 2,000 shares of the stock in a transaction that occurred on Monday, April 2nd. The stock was sold at an average price of $43.99, for a total value of $87,980.00. Following the transaction, the vice president now owns 33,994 shares in the company, valued at $1,495,396.06. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.
Shares of DRQ stock opened at $51.40 on Friday. Dril-Quip, Inc. has a one year low of $35.85 and a one year high of $56.55.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by ($0.14). Dril-Quip had a negative net margin of 24.83% and a negative return on equity of 0.26%. The company had revenue of $99.20 million during the quarter, compared to the consensus estimate of $96.84 million. The company’s revenue was down 16.8% compared to the same quarter last year. equities analysts anticipate that Dril-Quip, Inc. will post -0.26 EPS for the current year.
Dril-Quip Company Profile
Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services onshore and offshore drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. It operates through three segments: Western Hemisphere, Eastern Hemisphere, and Asia-Pacific.
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