First Republic Investment Management Inc. decreased its holdings in Dril-Quip, Inc. (NYSE:DRQ) by 8.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,418 shares of the oil and gas company’s stock after selling 1,021 shares during the quarter. First Republic Investment Management Inc.’s holdings in Dril-Quip were worth $535,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. BlackRock Inc. grew its stake in shares of Dril-Quip by 4.8% during the 2nd quarter. BlackRock Inc. now owns 4,352,976 shares of the oil and gas company’s stock valued at $223,743,000 after purchasing an additional 200,893 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Dril-Quip by 0.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,212,351 shares of the oil and gas company’s stock valued at $143,913,000 after purchasing an additional 27,381 shares during the period. Fisher Asset Management LLC grew its stake in shares of Dril-Quip by 46.9% during the 2nd quarter. Fisher Asset Management LLC now owns 1,085,527 shares of the oil and gas company’s stock valued at $55,796,000 after purchasing an additional 346,745 shares during the period. Northern Trust Corp grew its stake in shares of Dril-Quip by 0.3% during the 1st quarter. Northern Trust Corp now owns 1,033,873 shares of the oil and gas company’s stock valued at $46,317,000 after purchasing an additional 3,543 shares during the period. Finally, Wells Fargo & Company MN grew its stake in shares of Dril-Quip by 10.1% during the 1st quarter. Wells Fargo & Company MN now owns 871,154 shares of the oil and gas company’s stock valued at $39,028,000 after purchasing an additional 79,730 shares during the period.

A number of equities research analysts have issued reports on the company. Zacks Investment Research upgraded Dril-Quip from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 18th. B. Riley downgraded Dril-Quip from a “buy” rating to a “neutral” rating and boosted their price target for the company from $50.00 to $58.00 in a research note on Friday, July 20th. Barclays downgraded Dril-Quip from an “equal weight” rating to an “underweight” rating and set a $41.00 price target for the company. in a research note on Tuesday, July 31st. Piper Jaffray Companies set a $40.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, July 27th. Finally, ValuEngine upgraded Dril-Quip from a “hold” rating to a “buy” rating in a research note on Wednesday, July 4th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $50.22.

Shares of NYSE:DRQ opened at $51.70 on Tuesday. The company has a market cap of $1.89 billion, a P/E ratio of 198.85 and a beta of 0.96. Dril-Quip, Inc. has a 12-month low of $37.35 and a 12-month high of $58.95.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings data on Thursday, July 26th. The oil and gas company reported ($0.24) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.16). The company had revenue of $94.86 million for the quarter, compared to the consensus estimate of $94.76 million. Dril-Quip had a negative net margin of 27.63% and a negative return on equity of 1.19%. The company’s revenue was down 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.09 earnings per share. research analysts predict that Dril-Quip, Inc. will post -0.81 earnings per share for the current year.

Dril-Quip declared that its Board of Directors has initiated a share buyback plan on Thursday, July 26th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the oil and gas company to purchase up to 4.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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.

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Institutional Ownership by Quarter for Dril-Quip (NYSE:DRQ)

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