Dril-Quip, Inc. to Post FY2020 Earnings of $1.50 Per Share, Gabelli Forecasts (DRQ)
Dril-Quip, Inc. (NYSE:DRQ) – Equities research analysts at Gabelli lowered their FY2020 earnings estimates for Dril-Quip in a report released on Monday. Gabelli analyst S. Wong now expects that the oil and gas company will post earnings per share of $1.50 for the year, down from their previous estimate of $1.60. Gabelli has a “Hold” rating and a $43.00 price target on the stock. Gabelli also issued estimates for Dril-Quip’s FY2021 earnings at $2.45 EPS.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.06. The company had revenue of $100.35 million for the quarter, compared to the consensus estimate of $106.74 million. Dril-Quip had a positive return on equity of 1.19% and a negative net margin of 6.14%. The firm’s quarterly revenue was down 18.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS.
Several other brokerages have also recently commented on DRQ. Cowen set a $43.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, October 6th. B. Riley reissued a “buy” rating on shares of Dril-Quip in a research note on Wednesday, November 1st. Zacks Investment Research raised Dril-Quip from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research note on Wednesday, November 1st. Scotiabank set a $61.00 price target on Dril-Quip and gave the company a “hold” rating in a research note on Friday, October 27th. Finally, Piper Jaffray Companies reissued a “hold” rating and issued a $38.00 price target on shares of Dril-Quip in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $48.57.
Shares of Dril-Quip (NYSE:DRQ) traded up $0.25 during midday trading on Wednesday, hitting $45.00. The company had a trading volume of 478,200 shares, compared to its average volume of 563,669. The company has a market cap of $1,667.76, a PE ratio of 104.88 and a beta of 0.73. Dril-Quip has a 1-year low of $35.85 and a 1-year high of $69.40.
In other Dril-Quip news, VP James C. Webster sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $43.49, for a total transaction of $86,980.00. Following the completion of the sale, the vice president now owns 24,104 shares of the company’s stock, valued at $1,048,282.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director A P. Shukis sold 613 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 12,282 shares of the company’s stock, valued at approximately $525,669.60. The disclosure for this sale can be found here. In the last three months, insiders sold 47,662 shares of company stock valued at $2,013,999. 0.87% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in DRQ. Riverhead Capital Management LLC boosted 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 worth $130,000 after purchasing an additional 1,063 shares during the period. Quantbot Technologies LP bought a new stake in Dril-Quip during the third quarter worth approximately $136,000. QS Investors LLC boosted 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 worth $137,000 after purchasing an additional 13 shares during the period. LS Investment Advisors LLC boosted 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 worth $147,000 after purchasing an additional 450 shares during the period. Finally, Flinton Capital Management LLC boosted 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 worth $198,000 after purchasing an additional 1,596 shares during the period.
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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