Dril-Quip, Inc. (DRQ) Given a $43.00 Price Target by Cowen and Company Analysts
Dril-Quip, Inc. (NYSE:DRQ) has been assigned a $43.00 price objective by equities research analysts at Cowen and Company in a research note issued to investors on Friday. The brokerage currently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price target points to a potential downside of 1.83% from the company’s previous close.
A number of other equities analysts have also recently weighed in on DRQ. 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 stock 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 stock a “hold” rating in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $53.67.
Dril-Quip (NYSE DRQ) opened at 43.80 on Friday. Dril-Quip has a 52-week low of $35.85 and a 52-week high of $69.40. The firm has a 50-day moving average of $41.07 and a 200 day moving average of $47.74. The company has a market capitalization of $1.66 billion, a P/E ratio of 81.41 and a beta of 0.70.
Dril-Quip (NYSE:DRQ) last posted its quarterly earnings data on Friday, July 28th. The oil and gas company reported $0.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.06. The company had revenue of $127.90 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted $0.96 earnings per share. Equities analysts predict that Dril-Quip will post $0.11 earnings per share for the current fiscal year.
In other 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 value of $86,980.00. Following the completion of the sale, the vice president now directly owns 24,104 shares in the company, valued at $1,048,282.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.87% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Dril-Quip by 8,615.2% in the first quarter. BlackRock Inc. now owns 3,581,432 shares of the oil and gas company’s stock valued at $195,368,000 after buying an additional 3,540,338 shares during the last quarter. UBS Group AG raised its position in shares of Dril-Quip by 2.7% in the first quarter. UBS Group AG now owns 38,635 shares of the oil and gas company’s stock valued at $2,108,000 after buying an additional 1,002 shares during the last quarter. State Street Corp raised its position in shares of Dril-Quip by 2.7% in the first quarter. State Street Corp now owns 1,180,848 shares of the oil and gas company’s stock valued at $64,416,000 after buying an additional 31,362 shares during the last quarter. American Century Companies Inc. raised its position in shares of Dril-Quip by 0.5% in the second quarter. American Century Companies Inc. now owns 879,376 shares of the oil and gas company’s stock valued at $42,914,000 after buying an additional 3,963 shares during the last quarter. Finally, Heartland Advisors Inc. acquired a new stake in shares of Dril-Quip in the second quarter valued at about $5,467,000.
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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