Insider Selling: Dril-Quip, Inc. (DRQ) CFO Sells $80,117.19 in Stock
Dril-Quip, Inc. (NYSE:DRQ) CFO Jeffrey J. Bird sold 1,931 shares of the stock in a transaction on Monday, October 30th. The stock was sold at an average price of $41.49, for a total transaction of $80,117.19. Following the transaction, the chief financial officer now directly owns 24,719 shares in the company, valued at $1,025,591.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Dril-Quip (NYSE:DRQ) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.01) by $0.06. The company had revenue of $100.35 million for the quarter, compared to analysts’ expectations of $106.74 million. Dril-Quip had a negative net margin of 6.14% and a positive return on equity of 1.19%. Dril-Quip’s quarterly revenue was down 18.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.63 EPS.
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Several research firms have commented on DRQ. BidaskClub downgraded shares of Dril-Quip from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. TheStreet downgraded shares of Dril-Quip from a “c” rating to a “d+” rating in a research report on Friday, October 27th. FBR & Co reissued a “buy” rating on shares of Dril-Quip in a research report on Friday, October 27th. Piper Jaffray Companies set a $43.00 target price on shares of Dril-Quip and gave the stock a “hold” rating in a research report on Saturday, July 29th. Finally, Wolfe Research raised shares of Dril-Quip from an “underperform” rating to a “market perform” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $50.50.
Several hedge funds have recently modified their holdings of the company. Investment Counselors of Maryland LLC bought a new stake in shares of Dril-Quip in the 3rd quarter valued at about $8,848,000. Wesbanco Bank Inc. raised its holdings in shares of Dril-Quip by 52.3% in the 3rd quarter. Wesbanco Bank Inc. now owns 7,135 shares of the oil and gas company’s stock valued at $315,000 after purchasing an additional 2,450 shares during the period. Gabelli Funds LLC raised its holdings in shares of Dril-Quip by 92.2% in the 3rd quarter. Gabelli Funds LLC now owns 49,000 shares of the oil and gas company’s stock valued at $2,163,000 after purchasing an additional 23,500 shares during the period. Gamco Investors INC. ET AL raised its holdings in shares of Dril-Quip by 68.4% in the 3rd quarter. Gamco Investors INC. ET AL now owns 475,000 shares of the oil and gas company’s stock valued at $20,971,000 after purchasing an additional 193,000 shares during the period. Finally, Frontier Capital Management Co. LLC raised its holdings in shares of Dril-Quip by 22.2% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 164,238 shares of the oil and gas company’s stock valued at $7,251,000 after purchasing an additional 29,788 shares during the period.
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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