Dril-Quip, Inc. (DRQ) Expected to Announce Quarterly Sales of $111.23 Million
Wall Street analysts expect Dril-Quip, Inc. (NYSE:DRQ) to post sales of $111.23 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Dril-Quip’s earnings, with the lowest sales estimate coming in at $110.60 million and the highest estimate coming in at $111.85 million. Dril-Quip reported sales of $123.64 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 10%. The firm is scheduled to issue its next earnings report on Thursday, October 26th.
According to Zacks, analysts expect that Dril-Quip will report full-year sales of $111.23 million for the current year, with estimates ranging from $447.22 million to $476.89 million. For the next year, analysts forecast that the business will post sales of $415.68 million per share, with estimates ranging from $370.69 million to $501.24 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 issued its earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.06. The business had revenue of $127.90 million for the quarter, compared to analysts’ expectations of $112.12 million. Dril-Quip had a return on equity of 2.12% and a net margin of 4.28%. The company’s quarterly revenue was down 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.96 EPS.
A number of analysts recently commented on the stock. Cowen and Company set a $43.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Friday. BidaskClub upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Piper Jaffray Companies set a $43.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Saturday, July 29th. Finally, Scotiabank set a $61.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $53.67.
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In related news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $43.49, for a total value of $86,980.00. Following the completion of the transaction, the vice president now directly owns 24,104 shares of the company’s stock, valued at approximately $1,048,282.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.87% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC boosted its stake in Dril-Quip by 66.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,663 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 1,063 shares during the period. QS Investors LLC boosted its stake in Dril-Quip by 0.5% in the 2nd 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 boosted its stake in Dril-Quip by 17.6% in the 2nd 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. Flinton Capital Management LLC boosted its stake in Dril-Quip by 64.8% in the 2nd 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. Finally, ING Groep NV acquired a new position in Dril-Quip in the 2nd quarter worth $225,000.
Shares of Dril-Quip (DRQ) traded down 1.02% during trading on Tuesday, hitting $43.80. The company had a trading volume of 431,466 shares. The stock has a market cap of $1.66 billion, a PE ratio of 81.41 and a beta of 0.70. The firm has a 50 day moving average of $41.07 and a 200 day moving average of $47.74. Dril-Quip has a 12-month low of $35.85 and a 12-month high of $69.40.
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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