Dril-Quip, Inc. (NYSE:DRQ) VP James C. Webster sold 5,225 shares of the firm’s stock in a transaction on Monday, October 29th. The shares were sold at an average price of $41.54, for a total transaction of $217,046.50. Following the transaction, the vice president now owns 42,267 shares in the company, valued at approximately $1,755,771.18. The transaction was disclosed in a document filed with the SEC, which is available at this link.
NYSE:DRQ opened at $42.26 on Friday. Dril-Quip, Inc. has a 1 year low of $38.40 and a 1 year high of $58.95.
Dril-Quip (NYSE:DRQ) last posted its earnings results on Thursday, October 25th. The oil and gas company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01. Dril-Quip had a negative net margin of 23.34% and a negative return on equity of 1.95%. The business had revenue of $93.26 million for the quarter, compared to analyst estimates of $85.96 million. Equities research analysts forecast that Dril-Quip, Inc. will post -0.82 EPS for the current year.
Dril-Quip declared that its board has initiated a share repurchase plan on Thursday, July 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase up to 4.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
A number of research analysts have recently weighed in on DRQ shares. Barclays downgraded shares of Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price target on the stock. in a report on Tuesday, July 31st. Morgan Stanley assumed coverage on shares of Dril-Quip in a research note on Tuesday, September 18th. They issued an “underweight” rating and a $50.00 target price on the stock. Zacks Investment Research lowered shares of Dril-Quip from a “hold” rating to a “strong sell” rating in a research note on Wednesday, September 19th. Piper Jaffray Companies set a $40.00 target price on shares of Dril-Quip and gave the company a “hold” rating in a research note on Friday, July 27th. Finally, B. Riley lowered shares of Dril-Quip from a “buy” rating to a “neutral” rating and raised their target price for the company from $50.00 to $58.00 in a research note on Friday, July 20th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $48.50.
Large investors have recently bought and sold shares of the stock. Fisher Asset Management LLC grew its position in Dril-Quip by 46.9% in the 2nd quarter. Fisher Asset Management LLC now owns 1,085,527 shares of the oil and gas company’s stock worth $55,796,000 after purchasing an additional 346,745 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Dril-Quip in the 2nd quarter worth $5,140,000. SG Americas Securities LLC grew its position in Dril-Quip by 19.1% in the 2nd quarter. SG Americas Securities LLC now owns 18,209 shares of the oil and gas company’s stock worth $936,000 after purchasing an additional 2,926 shares during the last quarter. Energy Opportunities Capital Management LLC grew its position in Dril-Quip by 23.0% in the 2nd quarter. Energy Opportunities Capital Management LLC now owns 72,273 shares of the oil and gas company’s stock worth $3,715,000 after purchasing an additional 13,525 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Dril-Quip by 148.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,529 shares of the oil and gas company’s stock worth $233,000 after purchasing an additional 2,708 shares during the last quarter.
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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