StockNews.com Lowers Dril-Quip (NYSE:DRQ) to Sell

StockNews.com cut shares of Dril-Quip (NYSE:DRQ) from a hold rating to a sell rating in a research report report published on Friday.

Separately, Barclays reduced their price target on Dril-Quip from $22.00 to $21.00 and set an underweight rating for the company in a research report on Tuesday, May 14th.

Dril-Quip Stock Down 6.1 %

DRQ stock opened at $15.22 on Friday. The firm’s 50-day simple moving average is $17.63 and its 200 day simple moving average is $19.95. Dril-Quip has a fifty-two week low of $15.20 and a fifty-two week high of $30.93.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.07). The firm had revenue of $120.34 million during the quarter, compared to analyst estimates of $118.85 million. Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.48%. Dril-Quip’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) EPS. As a group, analysts forecast that Dril-Quip will post 0.45 EPS for the current fiscal year.

Institutional Trading of Dril-Quip

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ranger Investment Management L.P. lifted its position in Dril-Quip by 58.5% in the fourth quarter. Ranger Investment Management L.P. now owns 1,105,735 shares of the oil and gas company’s stock worth $25,730,000 after purchasing an additional 408,076 shares during the period. Brandes Investment Partners LP boosted its stake in Dril-Quip by 16.0% during the fourth quarter. Brandes Investment Partners LP now owns 2,559,568 shares of the oil and gas company’s stock valued at $59,561,000 after buying an additional 353,053 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in Dril-Quip by 7.3% during the fourth quarter. Gamco Investors INC. ET AL now owns 2,116,859 shares of the oil and gas company’s stock valued at $49,259,000 after buying an additional 144,916 shares in the last quarter. Gabelli Funds LLC grew its holdings in Dril-Quip by 21.9% during the first quarter. Gabelli Funds LLC now owns 543,880 shares of the oil and gas company’s stock worth $12,254,000 after acquiring an additional 97,800 shares during the period. Finally, Lesa Sroufe & Co bought a new stake in Dril-Quip in the fourth quarter worth about $2,047,000.

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.