Dril-Quip, Inc. (NYSE:DRQ) Receives Consensus Recommendation of “Hold” from Analysts

Dril-Quip, Inc. (NYSE:DRQGet Rating) has earned an average recommendation of “Hold” from the eight brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $30.71.

Several equities research analysts recently weighed in on the company. Tudor, Pickering, Holt & Co. lowered Dril-Quip from a “buy” rating to a “hold” rating and reduced their target price for the stock from $38.00 to $35.00 in a report on Monday, March 14th. Tudor Pickering lowered Dril-Quip from a “buy” rating to a “hold” rating and cut their price target for the stock from $38.00 to $35.00 in a report on Monday, March 14th. Finally, StockNews.com initiated coverage on Dril-Quip in a research note on Thursday, March 31st. They issued a “hold” rating for the company.

NYSE:DRQ opened at $31.83 on Friday. Dril-Quip has a fifty-two week low of $18.17 and a fifty-two week high of $41.23. The stock’s 50-day moving average is $32.73 and its two-hundred day moving average is $27.32. The stock has a market cap of $1.10 billion, a PE ratio of -10.90 and a beta of 1.19.

Dril-Quip (NYSE:DRQGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The oil and gas company reported ($0.29) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.08). The firm had revenue of $83.14 million during the quarter, compared to the consensus estimate of $85.36 million. Dril-Quip had a negative net margin of 31.58% and a negative return on equity of 6.14%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.47) EPS. Sell-side analysts forecast that Dril-Quip will post -0.5 EPS for the current year.

Dril-Quip announced that its Board of Directors has authorized a share repurchase plan 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 repurchase up to 11.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In other news, VP James C. Webster sold 5,000 shares of the company’s stock in a transaction on Friday, April 1st. The stock was sold at an average price of $36.95, for a total transaction of $184,750.00. Following the transaction, the vice president now owns 101,498 shares of the company’s stock, valued at $3,750,351.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Donald M. Underwood sold 3,513 shares of the company’s stock in a transaction on Tuesday, March 22nd. The shares were sold at an average price of $34.70, for a total value of $121,901.10. The disclosure for this sale can be found here. 2.02% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of DRQ. Barclays PLC lifted its stake in Dril-Quip by 167.9% in the third quarter. Barclays PLC now owns 53,253 shares of the oil and gas company’s stock valued at $1,342,000 after buying an additional 33,375 shares during the period. Caxton Associates LP raised its position in shares of Dril-Quip by 28.5% during the third quarter. Caxton Associates LP now owns 35,072 shares of the oil and gas company’s stock worth $883,000 after purchasing an additional 7,773 shares during the period. Squarepoint Ops LLC raised its position in shares of Dril-Quip by 345.4% during the third quarter. Squarepoint Ops LLC now owns 27,170 shares of the oil and gas company’s stock worth $684,000 after purchasing an additional 21,070 shares during the period. Bridge City Capital LLC raised its position in shares of Dril-Quip by 2.3% during the fourth quarter. Bridge City Capital LLC now owns 34,076 shares of the oil and gas company’s stock worth $671,000 after purchasing an additional 769 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in shares of Dril-Quip by 6.8% during the third quarter. Goldman Sachs Group Inc. now owns 63,621 shares of the oil and gas company’s stock worth $1,602,000 after purchasing an additional 4,038 shares during the period. 99.64% of the stock is currently owned by institutional investors and hedge funds.

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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