Dril-Quip, Inc. (DRQ) Coverage Initiated at Gabelli
Equities researchers at Gabelli initiated coverage on shares of Dril-Quip, Inc. (NYSE:DRQ) in a research note issued to investors on Friday. The firm set a “hold” rating and a $43.00 price target on the oil and gas company’s stock. Gabelli’s target price would indicate a potential upside of 6.70% from the company’s current price.
Other analysts also recently issued research reports about the stock. FBR & Co upgraded shares of Dril-Quip from a “neutral” rating to a “buy” rating and increased their target price for the company from $49.00 to $55.00 in a report on Tuesday, October 10th. Cowen and Company set a $43.00 target price on shares of Dril-Quip and gave the company a “hold” rating in a report on Friday, October 6th. Piper Jaffray Companies set a $43.00 target price on shares of Dril-Quip and gave the company a “hold” rating in a report on Saturday, July 29th. Scotiabank set a $61.00 target price on shares of Dril-Quip and gave the company a “hold” rating in a report on Monday, July 31st. Finally, BidaskClub downgraded shares of Dril-Quip from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Dril-Quip currently has a consensus rating of “Hold” and a consensus price target of $52.50.
Shares of Dril-Quip (NYSE DRQ) remained flat at $40.30 on Friday. 653,159 shares of the stock traded hands. The firm has a market cap of $1.52 billion, a PE ratio of 74.91 and a beta of 0.70. Dril-Quip has a 12 month low of $35.85 and a 12 month high of $69.40. The company’s 50-day moving average is $42.61 and its 200-day moving average is $47.00.
Dril-Quip (NYSE:DRQ) last announced its earnings results on Friday, July 28th. The oil and gas company reported $0.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.06. The company had revenue of $127.90 million during the quarter, compared to the consensus estimate of $112.12 million. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. The firm’s revenue for the quarter was down 10.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.96 earnings per share. On average, equities analysts expect that Dril-Quip will post $0.09 earnings per share for the current year.
In related news, VP James C. Webster sold 2,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $43.49, for a total transaction of $86,980.00. Following the completion of the transaction, the vice president now owns 24,104 shares in the company, valued at $1,048,282.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.87% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC grew its position in Dril-Quip by 66.4% during the second quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock valued at $130,000 after buying an additional 1,063 shares during the period. QS Investors LLC grew its position in Dril-Quip by 0.5% during the second quarter. QS Investors LLC now owns 2,813 shares of the oil and gas company’s stock valued at $137,000 after buying an additional 13 shares during the period. LS Investment Advisors LLC grew its position in Dril-Quip by 17.6% during the second quarter. LS Investment Advisors LLC now owns 3,014 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 450 shares during the period. Flinton Capital Management LLC grew its position in Dril-Quip by 64.8% during the second quarter. Flinton Capital Management LLC now owns 4,060 shares of the oil and gas company’s stock valued at $198,000 after buying an additional 1,596 shares during the period. Finally, ING Groep NV bought a new position in Dril-Quip during the second quarter valued at about $225,000.
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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