Dril-Quip (NYSE:DRQ) Reaches New 1-Year Low at $18.84

Dril-Quip, Inc. (NYSE:DRQ) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $18.84 and last traded at $18.95, with a volume of 142662 shares traded. The stock had previously closed at $19.46.

Analysts Set New Price Targets

Several research firms have recently weighed in on DRQ. Evercore ISI decreased their price objective on Dril-Quip from $44.00 to $40.00 and set an “outperform” rating for the company in a report on Wednesday, February 28th. Barclays dropped their price objective on shares of Dril-Quip from $23.00 to $22.00 and set an “underweight” rating on the stock in a research note on Thursday, February 29th. Finally, StockNews.com upgraded shares of Dril-Quip from a “sell” rating to a “hold” rating in a research note on Friday, March 15th.

Dril-Quip Trading Down 2.0 %

The company has a market cap of $656.73 million, a price-to-earnings ratio of 1,947.00 and a beta of 0.84. The company’s 50 day moving average price is $22.36 and its 200 day moving average price is $22.44.

Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Monday, February 26th. The oil and gas company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.14). Dril-Quip had a net margin of 0.14% and a negative return on equity of 0.58%. The business had revenue of $126.34 million during the quarter, compared to analysts’ expectations of $118.58 million. During the same quarter last year, the firm earned $0.06 earnings per share. The firm’s quarterly revenue was up 30.5% compared to the same quarter last year. Sell-side analysts predict that Dril-Quip, Inc. will post 0.45 earnings per share for the current year.

Insider Buying and Selling

In other Dril-Quip news, CEO Jeffrey J. Bird sold 7,500 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $23.14, for a total transaction of $173,550.00. Following the sale, the chief executive officer now directly owns 155,327 shares in the company, valued at $3,594,266.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Dril-Quip news, VP James C. Webster sold 4,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $23.16, for a total value of $92,640.00. Following the sale, the vice president now owns 62,735 shares of the company’s stock, valued at $1,452,942.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeffrey J. Bird sold 7,500 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $23.14, for a total transaction of $173,550.00. Following the completion of the sale, the chief executive officer now owns 155,327 shares in the company, valued at $3,594,266.78. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Institutional Trading of Dril-Quip

A number of large investors have recently made changes to their positions in DRQ. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Dril-Quip by 59.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,733 shares of the oil and gas company’s stock worth $190,000 after buying an additional 2,514 shares during the period. PNC Financial Services Group Inc. increased its position in Dril-Quip by 252.6% during the third quarter. PNC Financial Services Group Inc. now owns 6,942 shares of the oil and gas company’s stock worth $196,000 after purchasing an additional 4,973 shares during the last quarter. NJ State Employees Deferred Compensation Plan purchased a new position in Dril-Quip during the third quarter worth approximately $225,000. CoreCommodity Management LLC acquired a new position in shares of Dril-Quip in the 4th quarter valued at $229,000. Finally, Profund Advisors LLC purchased a new stake in shares of Dril-Quip during the 3rd quarter valued at $259,000.

Dril-Quip Company Profile

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company's principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.