Dril-Quip, Inc. (DRQ) Rating Increased to Buy at Zacks Investment Research
Dril-Quip, Inc. (NYSE:DRQ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $47.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 7.18% from the company’s current price.
According to Zacks, “We view Dril-Quip as an attractive long-term investment based on its highly engineered offshore drilling and production equipment for deepwater severe-service applications and harsh environmental conditions. Dril-Quip reported third-quarter 2017 adjusted earnings of 5 cents per share that surpassed the Zacks Consensus Estimate of a loss of 2 cents. The outperformance was mainly due to the company’s cost-savings initiatives. Also, the equipment supplier is also in excellent financial health with a sustainable free cash flow. Dril-Quip’s technically differentiated products and best-in-class margins make it an attractive investment.”
Other equities analysts have also recently issued reports about the company. Cowen and Company reiterated a “market perform” rating and set a $39.00 price target (down from $43.00) on shares of Dril-Quip in a research report on Monday. Wolfe Research upgraded Dril-Quip from an “underperform” rating to a “market perform” rating in a report on Tuesday. TheStreet cut Dril-Quip from a “c” rating to a “d+” rating in a report on Friday, October 27th. BidaskClub cut Dril-Quip from a “sell” rating to a “strong sell” rating in a report on Thursday, August 10th. Finally, Piper Jaffray Companies set a $43.00 target price on Dril-Quip and gave the stock a “hold” rating in a report on Saturday, July 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $50.50.
Dril-Quip (NYSE:DRQ) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) 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 company had revenue of $100.35 million for the quarter, compared to analysts’ expectations of $106.74 million. During the same period last year, the firm earned $0.63 EPS. The firm’s revenue for the quarter was down 18.8% on a year-over-year basis.
In other news, Director A P. Shukis sold 613 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $42.80, for a total value of $26,236.40. Following the completion of the sale, the director now owns 12,282 shares of the company’s stock, valued at $525,669.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP James C. Webster sold 2,000 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was 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 of the company’s stock, valued at approximately $1,048,282.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,662 shares of company stock valued at $1,567,399. 0.87% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Riverhead Capital Management LLC boosted 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 period. QS Investors LLC boosted its position 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 buying an additional 13 shares during the period. LS Investment Advisors LLC boosted its position 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 buying an additional 450 shares during the period. Flinton Capital Management LLC boosted its position 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 buying an additional 1,596 shares during the period. Finally, ING Groep NV acquired a new stake in shares of Dril-Quip in the second quarter worth $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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