Nordea Investment Management AB Increases Holdings in Dril-Quip, Inc. (DRQ)
Nordea Investment Management AB boosted its holdings in shares of Dril-Quip, Inc. (NYSE:DRQ) by 47.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,192 shares of the oil and gas company’s stock after acquiring an additional 11,613 shares during the period. Nordea Investment Management AB owned about 0.10% of Dril-Quip worth $1,766,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. California Public Employees Retirement System raised its position in Dril-Quip by 1.7% during the second quarter. California Public Employees Retirement System now owns 110,800 shares of the oil and gas company’s stock worth $5,407,000 after acquiring an additional 1,900 shares during the last quarter. FIL Ltd acquired a new position in Dril-Quip during the second quarter worth about $8,139,000. ETRADE Capital Management LLC raised its position in Dril-Quip by 3.1% during the second quarter. ETRADE Capital Management LLC now owns 11,075 shares of the oil and gas company’s stock worth $540,000 after acquiring an additional 335 shares during the last quarter. Vanguard Group Inc. raised its position in Dril-Quip by 3.8% during the second quarter. Vanguard Group Inc. now owns 3,226,409 shares of the oil and gas company’s stock worth $157,449,000 after acquiring an additional 118,295 shares during the last quarter. Finally, Northern Trust Corp raised its position in Dril-Quip by 119.7% during the second quarter. Northern Trust Corp now owns 1,042,035 shares of the oil and gas company’s stock worth $50,851,000 after acquiring an additional 567,821 shares during the last quarter.
Dril-Quip, Inc. (NYSE DRQ) opened at 43.80 on Friday. Dril-Quip, Inc. has a 52-week low of $35.85 and a 52-week high of $69.40. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of 81.41 and a beta of 0.70. The stock has a 50 day moving average of $41.07 and a 200-day moving average of $47.74.
Dril-Quip (NYSE:DRQ) last posted its quarterly earnings results on Friday, July 28th. The oil and gas company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.06. The business had revenue of $127.90 million during the quarter, compared to analyst estimates of $112.12 million. Dril-Quip had a net margin of 4.28% and a return on equity of 2.12%. The firm’s revenue was down 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.96 earnings per share. On average, analysts expect that Dril-Quip, Inc. will post $0.11 EPS for the current year.
In other news, VP James C. Webster sold 2,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were 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 $1,048,282.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.87% of the stock is owned by corporate insiders.
A number of brokerages have issued reports on DRQ. Cowen and Company set a $43.00 target price on shares of Dril-Quip and gave the stock a “hold” rating in a research report on Friday. BidaskClub lowered shares of Dril-Quip from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Scotiabank set a $61.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Monday, July 31st. Finally, Piper Jaffray Companies set a $43.00 price objective on shares of Dril-Quip and gave the company a “hold” rating in a research report on Saturday, July 29th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $53.67.
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.
Want to see what other hedge funds are holding DRQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Dril-Quip, Inc. (NYSE:DRQ).
Receive News & Ratings for Dril-Quip Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dril-Quip Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.