Dril-Quip (DRQ) Upgraded to “Hold” by Zacks Investment Research
Dril-Quip (NYSE:DRQ) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Dril-Quip projects its backlog of offshore drilling and production equipment to expand in 2018, given that crude price is improving. As of Sep 30, 2018, the company managed to accumulate a backlog of roughly $249 million. We appreciate Dril-Quip’s strong balance sheet. The company has sound financial strength with no long term debt. Moreover, the company’s ability to provide highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions for major projects worldwide is emphasized by its recent agreement with Premier Oil. However, the overall unfavorable scenario of project bookings has convinced Dril-Quip to project 2018 revenues to lie between $365 to $375 million, lower than $455.5 million in 2017.”
DRQ has been the topic of a number of other reports. JPMorgan Chase & Co. started coverage on shares of Dril-Quip in a report on Thursday, January 17th. They issued a “neutral” rating on the stock. ValuEngine downgraded shares of Dril-Quip from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Finally, Barclays reduced their price target on shares of Dril-Quip from $41.00 to $39.00 and set a “sell” rating on the stock in a report on Monday, October 29th. Two investment analysts have rated the stock with a sell rating and seven have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $48.50.
Several large investors have recently modified their holdings of DRQ. First Hawaiian Bank purchased a new position in shares of Dril-Quip in the 3rd quarter worth $373,000. Fisher Asset Management LLC grew its stake in shares of Dril-Quip by 55.2% in the 3rd quarter. Fisher Asset Management LLC now owns 1,684,741 shares of the oil and gas company’s stock worth $88,028,000 after buying an additional 599,214 shares in the last quarter. Russell Investments Group Ltd. grew its stake in shares of Dril-Quip by 204.2% in the 3rd quarter. Russell Investments Group Ltd. now owns 31,299 shares of the oil and gas company’s stock worth $1,635,000 after buying an additional 21,010 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Dril-Quip by 8.2% in the 3rd quarter. Gamco Investors INC. ET AL now owns 575,628 shares of the oil and gas company’s stock worth $30,077,000 after buying an additional 43,800 shares in the last quarter. Finally, Gabelli Funds LLC grew its stake in shares of Dril-Quip by 3.4% in the 3rd quarter. Gabelli Funds LLC now owns 61,000 shares of the oil and gas company’s stock worth $3,187,000 after buying an additional 2,000 shares in the last quarter.
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.
Featured Article: What is the downside to momentum investing?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Dril-Quip Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dril-Quip and related companies with MarketBeat.com's FREE daily email newsletter.