Dril-Quip (NYSE:DRQ) Trading Down 3.5%

Dril-Quip, Inc. (NYSE:DRQ)’s stock price was down 3.5% during trading on Tuesday . The stock traded as low as $23.96 and last traded at $24.03. Approximately 62,418 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 217,748 shares. The stock had previously closed at $24.90.

Wall Street Analyst Weigh In

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

Dril-Quip Stock Down 1.3 %

The company has a market capitalization of $775.48 million, a price-to-earnings ratio of 2,276.00 and a beta of 0.85. The stock has a 50 day moving average of $21.96 and a 200 day moving average of $23.30.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). The business had revenue of $126.34 million for the quarter, compared to the consensus estimate of $118.58 million. Dril-Quip had a negative return on equity of 0.58% and a net margin of 0.14%. Dril-Quip’s quarterly revenue was up 30.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.06 earnings per share. As a group, sell-side analysts anticipate that Dril-Quip, Inc. will post 0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Terence Bartlett Jupp sold 1,414 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $22.90, for a total value of $32,380.60. Following the completion of the sale, the director now directly owns 59,615 shares of the company’s stock, valued at approximately $1,365,183.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Dril-Quip

A number of hedge funds have recently bought and sold shares of DRQ. Brandes Investment Partners LP raised its stake 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 purchasing an additional 593,982 shares during the period. Ranger Investment Management L.P. raised its holdings in shares of Dril-Quip by 365.7% in the 3rd quarter. Ranger Investment Management L.P. now owns 697,659 shares of the oil and gas company’s stock worth $19,653,000 after purchasing an additional 547,859 shares during the period. Gamco Investors INC. ET AL grew its holdings in Dril-Quip by 29.5% during the first quarter. Gamco Investors INC. ET AL now owns 1,517,794 shares of the oil and gas company’s stock valued at $56,690,000 after purchasing an additional 345,344 shares during the period. Bank of New York Mellon Corp increased 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 buying an additional 292,521 shares during the last quarter. Finally, Royce & Associates LP bought a new stake in shares of Dril-Quip in the first quarter valued at $8,170,000.

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.