Dril-Quip (NYSE:DRQ) Hits New 1-Year Low at $18.84

Dril-Quip, Inc. (NYSE:DRQ) hit a new 52-week low on Wednesday . The company traded as low as $18.84 and last traded at $18.95, with a volume of 142662 shares. The stock had previously closed at $19.46.

Wall Street Analyst Weigh In

DRQ has been the topic of a number of recent analyst reports. StockNews.com raised shares of Dril-Quip from a “sell” rating to a “hold” rating in a research note on Friday, March 15th. Evercore ISI cut their target price 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. Finally, Barclays lowered their price target on Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a research report on Thursday, February 29th.

Dril-Quip Stock Performance

The firm has a market capitalization of $656.73 million, a P/E ratio of 1,947.00 and a beta of 0.84. The firm has a 50-day moving average of $22.36 and a 200-day moving average of $22.44.

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

Insider Buying and Selling at Dril-Quip

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

Institutional Trading of Dril-Quip

A number of hedge funds have recently modified their holdings of DRQ. SG Americas Securities LLC bought a new position in Dril-Quip during the 3rd quarter valued at approximately $557,000. Bank of New York Mellon Corp raised its position in shares of Dril-Quip by 27.3% in the 3rd 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 purchasing an additional 292,521 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Dril-Quip by 59.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,733 shares of the oil and gas company’s stock worth $190,000 after purchasing an additional 2,514 shares in the last quarter. Inspire Investing LLC purchased a new stake in Dril-Quip during the 3rd quarter valued at about $308,000. Finally, Acuitas Investments LLC bought a new stake in Dril-Quip during the 3rd quarter valued at about $2,196,000.

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.