$102.46 Million in Sales Expected for Dril-Quip, Inc. (DRQ) This Quarter
Wall Street analysts expect Dril-Quip, Inc. (NYSE:DRQ) to post sales of $102.46 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Dril-Quip’s earnings, with the lowest sales estimate coming in at $97.50 million and the highest estimate coming in at $106.37 million. Dril-Quip reported sales of $106.09 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 3.4%. The firm is scheduled to issue its next earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Dril-Quip will report full-year sales of $102.46 million for the current year, with estimates ranging from $447.84 million to $455.30 million. For the next year, analysts forecast that the business will post sales of $403.85 million per share, with estimates ranging from $375.10 million to $435.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Dril-Quip.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.06. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The firm had revenue of $100.35 million for the quarter, compared to the consensus estimate of $106.74 million. During the same quarter in the previous year, the business earned $0.63 EPS. The firm’s revenue for the quarter was down 18.8% on a year-over-year basis.
Several brokerages have recently issued reports on DRQ. Zacks Investment Research cut Dril-Quip from a “buy” rating to a “hold” rating in a research report on Friday, November 10th. Piper Jaffray Companies reiterated a “hold” rating and set a $38.00 price target on shares of Dril-Quip in a research report on Friday, November 10th. B. Riley reiterated a “buy” rating on shares of Dril-Quip in a research report on Wednesday, November 1st. Cowen set a $43.00 price target on Dril-Quip and gave the company a “hold” rating in a research report on Friday, October 6th. Finally, FBR & Co upgraded Dril-Quip from a “neutral” rating to a “buy” rating and lifted their price target for the company from $49.00 to $55.00 in a research report on Tuesday, October 10th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $48.57.
Dril-Quip (NYSE:DRQ) opened at $46.40 on Wednesday. Dril-Quip has a 1 year low of $35.85 and a 1 year high of $69.40. The stock has a market capitalization of $1,720.00, a price-to-earnings ratio of 108.57 and a beta of 0.68.
In other news, VP James C. Webster sold 4,890 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $41.49, for a total value of $202,886.10. Following the completion of the sale, the vice president now owns 34,947 shares of the company’s stock, valued at $1,449,951.03. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jeffrey J. Bird sold 1,931 shares of the firm’s stock in a transaction on Monday, October 30th. The stock was sold at an average price of $41.49, for a total value of $80,117.19. Following the completion of the sale, the chief financial officer now directly owns 24,719 shares of the company’s stock, valued at approximately $1,025,591.31. The disclosure for this sale can be found here. Insiders sold a total of 47,662 shares of company stock worth $2,013,999 over the last 90 days. Insiders own 0.87% of the company’s stock.
Several institutional investors have recently modified their holdings of DRQ. Riverhead Capital Management LLC lifted its position in shares of Dril-Quip by 66.4% in the second quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock worth $130,000 after buying an additional 1,063 shares during the last quarter. QS Investors LLC increased its stake in shares of Dril-Quip by 0.5% in the second quarter. QS Investors LLC now owns 2,813 shares of the oil and gas company’s stock worth $137,000 after purchasing an additional 13 shares during the period. LS Investment Advisors LLC increased its stake in shares of Dril-Quip by 17.6% in the second quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock worth $147,000 after purchasing an additional 450 shares during the period. Quantbot Technologies LP bought a new position in shares of Dril-Quip in the third quarter worth about $136,000. Finally, Flinton Capital Management LLC increased its stake in shares of Dril-Quip by 64.8% in the second quarter. Flinton Capital Management LLC now owns 4,060 shares of the oil and gas company’s stock worth $198,000 after purchasing an additional 1,596 shares during the period.
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Dril-Quip Company Profile
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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