Dril-Quip, Inc. (NYSE:DRQ – Get Rating) has earned an average rating of “Hold” from the seven research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $31.25.
DRQ has been the topic of several recent analyst reports. Tudor Pickering cut shares of Dril-Quip from a “buy” rating to a “hold” rating and lowered their target price for the stock from $38.00 to $35.00 in a research note on Monday, March 14th. StockNews.com initiated coverage on shares of Dril-Quip in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Tudor, Pickering, Holt & Co. cut shares of Dril-Quip from a “buy” rating to a “hold” rating and lowered their target price for the stock from $38.00 to $35.00 in a research note on Monday, March 14th.
Shares of DRQ stock opened at $24.64 on Wednesday. The stock has a market capitalization of $850.55 million, a P/E ratio of -8.44 and a beta of 1.18. The firm’s 50 day moving average is $30.40 and its 200 day moving average is $28.41. Dril-Quip has a 12 month low of $18.17 and a 12 month high of $41.23.
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Dril-Quip (NYSE:DRQ – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The oil and gas company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.08). The business had revenue of $83.14 million for the quarter, compared to analysts’ expectations of $85.36 million. Dril-Quip had a negative net margin of 31.58% and a negative return on equity of 6.14%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.47) earnings per share. On average, sell-side analysts anticipate that Dril-Quip will post -0.5 EPS for the current fiscal year.
Dril-Quip declared that its Board of Directors has approved a share buyback program on Wednesday, February 23rd that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 11.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, VP James C. Webster sold 5,000 shares of the stock in a transaction on Friday, April 1st. The shares were sold at an average price of $36.95, for a total value of $184,750.00. Following the transaction, the vice president now owns 101,498 shares of the company’s stock, valued at approximately $3,750,351.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.02% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC bought a new position in shares of Dril-Quip during the 4th quarter valued at $25,000. Geneos Wealth Management Inc. bought a new position in shares of Dril-Quip during the 1st quarter valued at $37,000. US Bancorp DE grew its holdings in shares of Dril-Quip by 172.1% during the 1st quarter. US Bancorp DE now owns 1,034 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 654 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Dril-Quip during the 1st quarter valued at $40,000. Finally, First PREMIER Bank purchased a new stake in Dril-Quip during the 1st quarter valued at $45,000. 99.64% of the stock is currently owned by institutional investors.
Dril-Quip Company Profile (Get Rating)
Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for use in deepwater, harsh environment, and severe service applications worldwide. The company’s principal products include subsea and surface wellheads, subsea and surface production trees, mudline hanger systems, specialty connectors and associated pipes, drilling and production riser systems, liner hangers, wellhead connectors, diverters, and safety valves, as well as downhole tools.
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